2023-07-20 08:35:39 ET
Owens Corning ( NYSE: OC ) on Thursday was downgraded to Hold from a previous investment rating of Buy by analysts at financial-services firm Benchmark. They said the maker of insulation and building products has less room for gains after its stock rose 58% this year so far.
“The stock’s move is largely driven by increased anticipation in two areas: (1) excitement surrounding new housing, and (2) reportedly above-average severe weather of late,” Reuben Garner, analyst at Benchmark, said in a July 20 report. “However, we believe new housing and severe weather represent less than 20% of Owens Corning’s ( OC ) business on a combined basis.”
Benchmark maintained its earnings and revenue estimates for Owens Corning ( OC ). The company reports Q2 earnings on July 26 before the opening of regular trading in New York.
More about Owens Corning
- Owens Corning, TopBuild EPS estimates raised at BofA
- Owens Corning upgraded to Overweight at Barclays Capital
- U.S. shipments of residential water heaters rose in May from year earlier
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Owens Corning downgraded to Hold at Benchmark