UPDATE: BMO Capital Upgrades Norbord (OSB) to Outperform
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(Updated - June 14, 2019 7:53 AM EDT)
(updated to add analyst comments)
BMO Capital analyst Ketan Mamtora upgraded Norbord (NYSE: OSB) from Market Perform to Outperform with a price target of $28.00 (from $26.00).
- LP and Norbord's announcements to indefinitely idle OSB mills remove 5% of industry capacity
- This should alleviate supply overhang and aid OSB prices
- A ~75bps drop in mortgage rates should strengthen "cyclical" housing demand as we move into H2
- Valuation appears very attractive at current levels (5.0x our 2020 EBITDA), balance sheet is healthy (0.9x net leverage), and Norbord has made solid progress in improving European performance.
Shares of Norbord closed at $21.55 yesterday.
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