UPDATE: Goldman Sachs Starts Owens Corning (OC) at Sell
Get Alerts OC Hot Sheet
Rating Summary:
13 Buy, 22 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Goldman Sachs initiated coverage on Owens Corning (NYSE: OC) with a Sell rating and a price target of $40, suggesting downside of 9%. Analyst Samuel H. Eisner is cautious given reliance on volume in roofing. He also noted pricing headwinds in composites.
"In our view, while OC is the global leader in asphalt shingles (40% of the market) and insulation (40%), we believe growth for these segments is likely to remain limited. This view is driven by our expected lack of recovery in domestic reroofing activity as well as a relatively limited ability to predict storms or other drivers of re-roofing demand. Further, we see the more industrial production-driven composites segment as likely to be pressured by global industrial weakness. While volume in composites has declined, we believe pricing gains (a major source of recent outperformance) could start to wane as industrial production data continues to weaken," said Eisner.
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 $44.68 yesterday.
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