Credit Suisse Starts Owens Corning (OC) at Underperform
- S&P, Dow rise on health stocks; Nasdaq weighed by Comcast
- Unusual 11 Mid-Day Movers 10/27: (PCMI) (OCN) (TTMI) Higher; (CYH) (RWLK) (AMFW) Lower
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Qualcomm (QCOM) to Acquire NXP Semi (NXPI) in $47B Deal
- Tesla (TSLA) Posts Q3 adj.-EPS of 71c
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Credit Suisse initiates coverage on Owens Corning (NYSE: OC) with a Underperform rating and a price target of $51.00.
Analyst Matthew Bouley see several factors driving their rating and target price: (1) we believe that re-roof demand will be challenged for far longer than investors expect owing to the extended replacement cycle, with this year's strong volumes likely pulling forward from future years; (2) we think Roofing margins come under pressure with further declines in shingle pricing and the asphalt deflation tailwind diminishing; (3) we see further risk to Insulation from moderating pricing; and (4) slowing global IP is a risk to both demand and price for Composites.
"We see risk to consensus and are 2% below Street on both revenue and EBIT in 2017," he added.
Shares of Owens Corning closed at $54.23 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Remains Bullish Following Owens Corning's (OC) 3Q
- Mizuho Securities Downgrades Community Health (CYH) to Underperform
- Jefferies Raises Price Target on Northrop Grumman (NOC) Following 3Q Beat
Create E-mail Alert Related CategoriesAnalyst Comments, Hot New Coverage, New Coverage
Related EntitiesCredit Suisse
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!