Owens Corning downgraded to Hold from Buy at Benchmark

Benchmark downgraded Owens Corning to Hold from Buy with no price target. Shares of Owens Corning are now up more than 60% year-to-date to all-time highs, exceeding the firm’s previously issued price target by greater than 10%, notes the analyst, who thinks the stock’s move is largely driven by excitement surrounding new housing and reportedly above-average severe weather of late. However, the firm believes new housing and severe weather represent less than 20% of Owens Corning’s business on a combined basis, the analyst tells investors.