UPDATE: J.P. Morgan Raises Owens Corning's PT

According to a research report published this morning, J.P. Morgan has increased Owens Corning's

PT from $36 to $38. In the report, J.P. Morgan said, "Following OC's 1Q earnings conference call, we provide the following key takeaways (as well as pre-call bullets in the body of this note). Overall, while we view yesterday's stock decline – down 3.5% vs. our building products universe's 2.9% gain (ex-OC) and the S&P's 1.4% rise – as in-line with our expectations given our Street-low $0.19E versus the Street consensus of $0.30, at the same time, EPS of $0.09 was still below our estimate, driven by lower than expected Insulation and Roofing margins (Composite margins were nearly in-line with our estimate, in contrast to overly aggressive Street estimates)." J.P. Morgan maintains its Overweight rating on Owens Corning, which closed yesterday at $33.35.