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In a report published Friday, Barclays analyst Stephen Kim commented that heading into the Spring season, the setup for the asphalt shingle market is the "bet we've seen in years."
According to Kim, shingle pricing will remain stable in 2015, marking a "significant inflection point" after years of competitive gyrations and failed pricing attempts. As such, there will likely be "meaningful improvements" in Roofing profitability this year.
The analyst continued that he expects a "steadier cadence" of volume over 2015, rather than a significant portion of annual volume being purchased throughout the Winter season.
Kim added that recent price increases from
Owens CorningOC has provided "added confidence" that the company can "meaningfully" exceed consensus estimates in 2015. In fact, the analyst raised his 2015 earnings per share estimate to $2.52 from a previous $2.25. The analyst also raised his 2016 earnings per share estimate to $3.13 from a previous $2.76.
Shares of Owens Corning were upgraded to Overweight from Equal weight with a price target raised to $48 from a previous $41.
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