RBC Capital analyst Mike Dahl lowered the firm’s price target on Owens Corning to $155 from $168 but keeps an Outperform rating on the shares after its Q3 results and guidance. Investors expressed increased concerns around Composites/Insulation along with fading Roofing strength, but the 10% selloff in the stock yesterday seems “overdone” and “overly punitive”, the analyst tells investors in a research note. RBC adds that the company’s guide also looks conservative, and it sees Roofing upside through Q1.
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Read More on OC:
- Owens Corning price target lowered to $123 from $143 at Wells Fargo
- Owens Corning price target lowered to $153 from $185 at Barclays
- Owens Corning files automatic mixed securities shelf
- Owens Corning sees Q4 net sales ‘slightly below’ 4Q22, consensus $2.28B
- Owens Corning reports Q3 adjusted EPS $4.15, consensus $3.82
