FBR Capital upgraded Owens Corning (NYSE: OC) from Market Perform to Outperform with a price target of $53.00 (from $42.00) following strong results.

Analyst Alex Rygie commented, "This morning, Owens Corning (OC) announced 2Q15 results that were ahead of expectations. It appears that OC's largest segment, roofing, has stabilized versus the competitive pressures witnessed in 2014 that negatively affected volume and price. As such, we are raising our estimates, price target to $53 (from $42), and rating to Outperform (from Market Perform). We believe investors will increasingly gain confidence that roofing segment EBIT margins can continue to rebound back toward historical levels (of approximately 20%, versus ~15% estimated for 2015)."

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Shares of Owens Corning closed at $43.15 yesterday.