UPDATE: Stifel Nicolaus Upgrades Owens Corning to Buy

Stifel Nicolaus is out with its report today on Owens Corning

, upgrading OC from Hold to Buy. In its report, Stifel Nicolaus writes, "We believe that investors are generally uncomfortable with the composites business due to its international diversity and end market diversity which do not relate to roofing and insulation businesses (both domestically oriented businesses in the building products business). This anxiety is priced into the stock and gives investors an opportunity to invest at well below recent multiples." Stifel Nicolaus maintains a $36 PT on OC. At the time of posting, shares of OC were trading at $29.67, up 8.92% from Wednesday's close.