UPDATE: Gilford Securities Downgrades Owens Corning to Neutral, Reiterates $43 PT Ahead of Earnings Release
In a report published Friday, Gilford Securities downgraded its rating on Owens Corning (NYSE: OC) from Buy to Neutral, and reiterated its $43.00 price target.
Gilford Securities noted, “The shares of Owens Corning have nearly achieved our near-term price target. While $42.82 is not quite $43 its close enough for a hand-grenade and the price implied expectations are rather robust going into the earnings release on Wednesday. Given the strength of the shares recently we believe that there is no reason to initiate or increase positions into the earnings release. We believe it best to wait and take advantage of potential share weakness in the event of an in-line quarter or guidance that is conservative. We also believe that management is sensitive to guidance given in the beginning of the year. So there is additional risk that management could give prudent guidance that would be explicitly or implicitly below our street-high estimates.”
Owens Corning closed on Thursday at $42.82.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.