According to Credit Suisse, investors can expect a bright future for Corning. Analyst Shannon Cross upgraded shares to outperform from neutral, saying the company’s past challenges no longer weigh on the stock. ,[We] believe many of our former concerns are now behind the company or baked into the stock’s current multiple of 13x forward EPS (versus 2019-2021 average of 16x),” Krause wrote in a Wednesday note. Instead, now many There are tailwinds that could boost Corning’s shares in 2023, including multi-year government funding opportunities in optical communications, which has displayed double-digit growth each of the last seven quarters.”[We] Given the timing of carrier installations, investors are expecting revenue to be flat in 4Q22. We anticipate growth to be aided by multi-year government funding programs through 2023 (~$85B allocated for broadband in the US) and by growing network/cloud demand overall. 14-year low in September, which may provide further support to the stock. “We expect the decline to moderate to less than 28% in 3Q22 and return to growth in 2Q23,” Cross said. China, according to the note, has government funding for solar and semiconductor projects and strong supply chains. Corning shares were down about 12% in 2022. The analyst’s $36 price target suggests more than 10% upside from Tuesday’s closing price. 3% in premarket trading Wednesday —CNBC’s Michael Bloom contributed to this report.