"Now 157 years old, Corning (NYSE: GLW) has come from window making to sit at the forefront of two of the fastest-growing segments of the technology space: flat panel TVs and fiber-optic," says tech expert Mark Mowrey.

In The Prudent Speculator TechValue Report, the advisor explains his bullishness on Corning, which has shown a "long-time commitment to future-focused research and development."

"For both its TV and fiber optics markets, the company supplies glass. We're not talking dinnerware, though. Rather, the company is the leader in selling flat panel display glass and fiber-optic cabling. is testament to

"In addition Corning maintains an Environmental Technologies business, which develops emissions and pollution control products, and a Life Sciences business, where the company makes lab glass and drug testing products.

"For the past three quarters, revenue has been growing at a double-digit pace overall, hitting $1.58 billion in the final quarter of last year, as both the Display Technologies and Telecommunications businesses made up for relative weakness in Environmental Technologies.

"Yet, the stock's forward earnings multiple has trended steadily downward, we suppose, as fears increase that both those markets eventually will prove less profitable as competition increases. On the contrary, we think end-market growth will hasten, while Corning's technological lead expands.

"In fact, Corning has been instrumental in end-market growth for both industries, as the structure, composition and capabilities of its glass product, all factors of intense research in process and production, have enabled various new innovations in end product.

"A more obvious example of Corning's developmental prowess is the continued growth in LCD glass panel display size, enabled most notably by advancements in display glass production.

"The innovations don't stop at the glass, though. Corning also has developed innovative methods for shipping the glass in order to save on freight and handling costs.

"In fiber optics, Corning made one of the industry's greater advancements last year when it developed its 'ClearCurve' bendable fiber technology. Prior to the milestone, multiple-unit dwellings, like apartment buildings, were hard to fit for fiber, as the internal network required lots of tight-space bending of cable.

"The product opens up a vast swath of potential customers for the carriers to penetrate as they seek to compete with their cable peers. Innovations like these have kept Corning at the forefront of those two industries and filled company coffers.

"Valid concerns relate to the company's dependence on those industries, though. To limit vulnerability to potential (eventual?) downturns in those units, Corning has committed to an admittedly ambitious goal to develop four new businesses per decade, a doubling of its historic rate.

"The latest additions to the fold are diesel engine filters developed by the Environmental Technologies division and a biochemical and cell-based drug discovery system that utilizes optical biosensor technology and offers drug makers high-volume evaluation of new drug targets.

"Risks to the current businesses understood, offset in part by Corning's history of and commitment to innovation, we find appealing Corning's investor-friendly balance sheet and the current 14 times multiple on the $1.71 per-share average of 2008 earnings estimates now showing on Reuters Estimates."

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