Credit Suisse Starts Owens Corning (OC) at Underperform
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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.
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