Owens Corning Analysts Cut Their Forecasts After Q3 Results
Portfolio Pulse from Lisa Levin
Owens Corning Inc reported Q3 FY23 net sales decline of 2% YoY to $2.48 billion, missing the consensus of $2.53 billion. Adjusted EPS was $4.15, up from $3.61 in 3Q22, above the consensus of $3.82. Following the earnings announcement, Barclays and RBC Capital cut their price targets on Owens Corning. The company's shares rose 2.6% to trade at $113.50 on Thursday.
October 26, 2023 | 6:16 pm
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Owens Corning's Q3 FY23 sales missed expectations but EPS beat. Barclays and RBC Capital cut their price targets on the company. Shares rose 2.6% to $113.50.
Owens Corning's Q3 sales missed expectations, which could negatively impact the stock. However, the company beat EPS estimates, which is a positive signal. The cut in price targets by Barclays and RBC Capital could also negatively impact the stock. But the shares rose after the earnings announcement, indicating a mixed market reaction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100