Morgan Stanley analyst James Faucette noted that Corning will host an analyst day this Friday, during which he expects capital return plans to be a focus. If the current framework for target debt and corporate structure stays in place, which he sees as the most likely scenario, he thinks Corning could have about $5B for shareholder return in the form of $1B in share buybacks per year and $2B for dividends, which he believes would be received "slightly positively." If the company decides to allocate more capital to growth initiatives, Faucette sees the stock being flat to down 5%. If Corning were to announce plans to expand debt capacity or sell a segment, Faucette would view this as the most bullish for investors and thinks the stock could be up 5%-10%. However, he sees this as less likely than a "stand pat" type of scenario. Ahead of the analyst event, he has an Overweight rating and $35 price target on Corning shares.