UPDATE: Gilford Securities Initiates Owens Corning at Buy on Housing Rebound Outlook

Gilford Securities initiated coverage on Owens Corning

with a Buy rating and a $52 price target. Gilford Securities commented, "Recent challenges and lowered expectations give investors an opportunity to invest in a quality company and management team in front of a multi-year rebound in the US housing market. … While our segment growth, margin assumptions and earnings estimates for 2013-2014 are above consensus, they may prove to be conservative if the US commercial and residential construction recovers sooner than we anticipate." Owens Corning closed at $35.62 on Friday.