UPDATE: Stifel Nicolaus Raises PT to $36 on Owens Corning on Updated Multiples
Stifel Nicolaus reiterated its Buy rating on Owens Corning (NYSE: OC) and increased its price target from $34 to $36.
Stifel Nicolaus noted, "The company had pre-released disappointing figures on 10/9/12 so this release was not as newsworthy as usual. Owens Corning reported total sales of $1.28 billion, a 12% decline from 3Q11. Disappointing results in the roofing and composites segment outweighed gains from the insulation business. While disappointing, these results are no surprise following the company's pre-release just a couple of weeks ago. Adjusting for a couple of items and using the company's normalized tax rate, adjusted EPS was $0.33, slightly above our $0.32 estimate."
Owens Corning closed at $32.62 on Wednesday.
Latest Ratings for OC
|Sep 2016||Wells Fargo||Initiates Coverage on||Market Perform|
|Sep 2016||Bank of America||Initiates Coverage on||Neutral|
|Aug 2016||Credit Suisse||Initiates Coverage on||Underperform|
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