This Owens Corning Analyst Double Upgrades Rating Following Hurricane Ian

This Owens Corning Analyst Double Upgrades Rating Following Hurricane Ian

Tight industry capacity is allowing Owens Corning OC to “continue to push through pricing” in roofing and insulation, according to BofA Securities.

The Owens Corning Analyst: Rafe Jadrosich upgraded the rating for Owens Corning from Underperform to Buy, while raising the price target from $82 to $95.

The Owens Corning Thesis: Roofing demand seems to have improved in the third quarter and continued improving in the early fourth quarter, partially due to Hurricane Ian, Jadrosich said in the upgrade note.

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“Following resilient 1H22 trends, building products demand started to crack in 3Q,” the analyst wrote. The upgrade on Owens Corning is based on the stock’s attractive valuation and the “ongoing pricing tailwind,” he added.

OC Price Action: Shares of Owens Corning had risen by 4.80% to $86.39 at the time of publication Tuesday.

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Posted In: BofA SecuritiesRafe JadrosichAnalyst ColorUpgradesPrice TargetAnalyst Ratings