Owens Corning's Q2 Earnings Beat Triggers Analyst Upgrade To Outperform
Portfolio Pulse from Nabaparna Bhattacharya
Owens Corning Inc's Q2 FY23 results beat expectations, leading RBC Capital Markets analyst Mike Dahl to upgrade the company's rating to Outperform from Sector Perform and raise the price target from $135 to $168. Despite a 1.5% YoY decrease in net sales to $2.56 billion, the figure surpassed the consensus of $2.54 billion. Adjusted EPS was $4.22, above the consensus of $3.23. Dahl sees a more resilient Owens Corning going forward, with price/cost tailwinds in Roofing/Insulation and improved volume outlooks. He also raised FY23 and FY24 sales estimates.
July 27, 2023 | 7:37 pm
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Owens Corning's better-than-expected Q2 FY23 results and positive future outlook led to an upgrade from RBC Capital Markets, which could boost investor confidence and potentially drive the stock price up.
The upgrade from RBC Capital Markets, based on better-than-expected Q2 FY23 results and a positive future outlook, could increase investor confidence in Owens Corning. This, coupled with the raised price target, could potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100