Owens Corning downgraded to Underweight from Neutral at JPMorgan

JPMorgan analyst Michael Rehaut downgraded Owens Corning to Underweight from Neutral with a price target of $79, down from $85. Following the stock’s relative outperformance in 2022, the analyst believes above average downside risk exists to Owens’ EBITDA margins. He also points to the company’s "modestly above average" exposure to Europe and "solid" exposure to the U.S. new residential market. Rehaut expects Owens Corning to underperform its peers and sees 10% downside in the shares.