Market Overview

UPDATE: Citigroup Downgrades Owens Corning to Neutral


Citigroup lowers its price target to Neutral on Owens Corning (NYSE: OC) to Neutral fron Buy ahead of the company's release of 4Q11 earnings.

Citigroup says, "Although we by no means have a hard edge ahead on OC's 4Q11 results, two factors make us a bit nervous owning the stock into the print. First, our 4Q11 estimate is $0.12 lower than the consensus estimate. Having not seen competitor models, our best guess is that the Street may not be properly modeling the seasonality associated with the roofing business. ...Second, when it reports, OC will likely give initial guidance for '12, and we think OC's guidance is more likely to come in closer to our $2.50 EPS estimate than the consensus estimate of ~$2.70."

OC closed at $34.51 a share on Tuesday.

Posted-In: CitigroupAnalyst Color Downgrades Intraday Update Analyst Ratings


Related Articles (OC)

View Comments and Join the Discussion!