Credit Suisse Starts Owens Corning (OC) at Underperform

August 11, 2016 7:14 AM EDT
Get Alerts OC Hot Sheet
Price: $52.19 +1.34%

Rating Summary:
    10 Buy, 13 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 26 | Down: 29 | New: 38
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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.

For an analyst ratings summary and ratings history on Owens Corning click here. For more ratings news on Owens Corning click here.

Shares of Owens Corning closed at $54.23 yesterday.

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