UPDATE: Stifel Reiterates on Owens Corning on Concerns Over Weak Roofing Volumes
In a report published Thursday, Stifel analyst John Baugh reiterated a Buy rating on Owens Corning (NYSE: OC), but lowered the price target from $50.00 to $45.00.
In the report, Stifel noted, “Q3 results were viewed by the consensus as very disappointing. We would describe the results as only mildly disappointing. The primary consensus concern related to roofing volumes which appear to have lagged competitors' volumes, although the company believes that its nine month volumes are very close to industry results. We think roofing margins were quite good despite poor sales and arguably more important. We believe part of the recent challenge to the stock has been peer expectations that are just too rosy in light of a pathetic domestic recovery and weak overall international markets. If nothing else, these results should rein in peer estimates.”
Owens Corning closed on Wednesday at $38.34.
Latest Ratings for OC
|Jul 2016||Goldman Sachs||Upgrades||Sell||Neutral|
|Apr 2016||FBR Capital||Downgrades||Outperform||Market Perform|
|Feb 2016||Stifel Nicolaus||Maintains||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.