Owens Corning (OC) PT Raised to $182 at Argus

Argus analyst John Eade raised the price target on Owens Corning (NYSE: OC) to $182.00 (from $175.00) while maintaining a Buy rating.

The analyst comments "Our rating on Owens Corning (NYSE: OC), a leading manufacturer of composite and building materials, is BUY. OC is a cyclical company subject to macroeconomic changes in the housing and construction markets. These markets have been strong in recent quarters, though higher interest rates could slow them somewhat. Insulation and Composites are indeed currently struggling, while Roofing continues to grow. The company’s balance sheet is clean, and management recently hiked the dividend by 15%, signaling confidence in the outlook and a commitment to shareholder returns. The OC shares, from a technical perspective, have been in a bullish pattern of higher highs and higher lows since June 2022. On the valuation fundamentals, the shares are generally trading at a deep discount to those of other building supply companies. We believe that these discounts are no longer warranted, and that OC’s financial strength and valuation fundamentals merit a BUY recommendation. Our 12-month target price is $182 (raised from $175), which implies a multiple of 12-times our projected 2024 EPS, still below the peer group average. "

You May Also Be Interested In

• Natera (NTRA) PT Raised to $270 at BTIG
• Delta Air Lines (DAL) PT Raised to $107 at UBS Ahead of Q2 Results
• Outdoor Holding (POWW) PT Raised to $2.75 at Roth/MKM, reiterates Top Pick