The Corning, NY-based company is engaged in the manufacture of specialty glass and ceramics.
The higher price target comes after Jefferies met with the company's management to discuss the business and potential new revenue opportunities.
"In particular, we picked up some additional perspectives on their Capital Allocation Strategy and new revenue opportunities such as Auto Glass," the firm wrote in an analyst note.
Including the company's transaction with Dow Chemical (DOW), which should close in June, Corning will have an additional $4 billion in capital associated with its four-year capital allocation plan, Jefferies said.
Additionally, the company remains very optimistic on its prospects for winning new auto designs with its Gorilla Glass, which has high scratch resistance.
However, the firm continues to have concerns about Corning's earnings quality and the outlook for LCD glass volume this year.
Shares of Corning are increasing by 0.29% to $20.90 at the start of trading on Thursday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
This is driven by multiple strengths, which should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks covered.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: GLW