Jefferies reiterated a Hold rating on USG Corp. (NYSE: USG), and cut the price target to $24.00 (from $27.00), following the company's 4Q earnings report. Jefferies is encouraged that USG's wallboard prices were stable during the 4Q, despite a muted demand backdrop. With demand reaccelerating in January and management expecting wallboard volumes to be up 5% in 2016.

Analyst Philip Ng commented, "We're encouraged wallboard prices held and USG was able to push through a price increase in ceilings. Further, mgmt has shown a greater focus on reining in costs and capex. That said, with margins likely peaking in 2016, and demand still choppy, we remain comfortable with our Hold rating."

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Shares of USG Corp. closed at $21.04 yesterday.