Jefferies Remains Bullish Following Owens Corning's (OC) 3Q

October 27, 2016 9:52 AM EDT
Get Alerts OC Hot Sheet
Price: $53.10 --0%

Rating Summary:
    12 Buy, 12 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 10 | Down: 16 | New: 50
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Jefferies maintained a Buy rating on Owens Corning (NYSE: OC), and cut the price target to $60.00 (from $63.00), following the company's 3Q. OC noted storm demand this year is tracking ~10% above normal, assuming a reversal in 2017, the potential impact is a 3-4% drag to volumes next year.

Analyst Philip Ng commented, "With new starts showing some deceleration, it likely pushes out the insulation pricing story until 2H17, but we expect the market to tighten and composites should see good momentum. With the stock trading with an 8% FCF yield, it offers great value, significant runway for margin expansion in insulation, and a capital deployment story."

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 $50.05 yesterday.

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