UPDATE: Gilford Securities Initiates Owens Corning at Buy on Housing Rebound Outlook
Gilford Securities initiated coverage on Owens Corning (NYSE: OC) with a Buy rating and a $52 price target.
Gilford Securities commented, "Recent challenges and lowered expectations give investors an opportunity to invest in a quality company and management team in front of a multi-year rebound in the US housing market. … While our segment growth, margin assumptions and earnings estimates for 2013-2014 are above consensus, they may prove to be conservative if the US commercial and residential construction recovers sooner than we anticipate."
Owens Corning closed at $35.62 on Friday.
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