UPDATE: Citigroup Lowers PT to $32 on Owens Corning

Citigroup maintains its Neutral rating on Owens Corning

and cuts its price target to $32 a share following a miss in quarterly results. Citigroup comments, "For three reasons, we think this stock is likely dead money for the time being. First, inventory build and the attendant pricing issues in the Composites segment may last through '12. ...Second, asphalt prices have not experienced the typical seasonal decline, suggesting that there could be downside risk to Roofing's margins in'12 if OC is unable to successfully raise shingle prices over the next few months. ...Third, rather than issue numerical segment and company guidance, as had been its usual practice, OC decline to provide much in the way of granular segment guidance and said only that it expects “growth in adjusted EBIT” in '12." OC closed at $30.43 a share on Wednesday.