UPDATE: Goldman Sachs Reinstates USG Corp. (USG) at Sell
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(Updated - November 22, 2016 8:51 AM EST)
Goldman Sachs reinstated coverage on USG Corp. (NYSE: USG) with a Sell rating and a price target of $24, implying downside of 15%.
Analsyt Jerry Revich said, "Our EPS estimates are 13% below consensus in 2017-18 as we believe wallboard pricing and ceiling volumes face idiosyncratic headwinds amid a continued construction recovery. In wallboard, we believe pricing may be challenged as high priced volumes roll off following USG’s divestiture of the L&W business, along with headwinds from rising manufacturing costs. In ceilings, remodeling investment appears to be in secular decline, while supply additions create margin risk."
Shares of USG Corp. closed at $28.27 yesterday.
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