Corning Incorporated (GLW)
Executive Summary Investment Thesis: Corning possesses genuine technological moats in optical communications and specialty glass, but the stock has become catastrophically detached from fundamental value. At $87.07, investors are paying 92.6x earnings for a business experiencing severe margin compression, declining returns on capital, and weakening cash generation. This represents speculation, not investment. Business Classification: Cyclical (with mature stalwart characteristics) Current Valuation Assessment: Current Price: $87.07 Estimated Intrinsic Value: $18-24 Margin of Safety: -263% to -383% (massively overvalued) Recommendation: AVOID Recommended Entry Zones: ...