UPDATE: JP Morgan Downgrades Owens Corning to Neutral

JP Morgan has published a research report on Owens Corning (NYSE: OC) and has downgraded the company from Overweight to Neutral.

In the report, JP Morgan wrote, "We are downgrading OC to Neutral from Overweight, as we believe yesterday's material lowering of its 2012 adjusted EBIT guidance, which we note follows an earlier sizeable reduction of guidance during its 2Q release on August 1, clouds near to medium term visibility for the company's Roofing and Composites segments, which we believe will not likely be positively addressed over at least the next 2-3 quarters."

JP Morgan also lowered its price target from $38 to $31.50 on Owens Corning, which is currently trading down 1.67 percent from Tuesday's $31.12 closing price.

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