Reports of an activist HG Vora building a position in Owens Corning (OC) should "put a floor under the stock," Jefferies analyst Philip Ng tells investors in a research note. The analyst sees a sum-of-the-parts value for shares at $75 but does not view Owens Corning as an obvious breakup story as Eagle Materials (EXP) or Masco (MAS). In a breakup, however, he could see the company spinning Roofing and keeping Insulation and Composites together. Ng keeps a Buy rating on Owens Corning with a $68 price target.

Argus raised the firm's price target on Owens Corning to $182 from $175 and keeps a Buy rating on the shares. The analyst cites the company's Q1 earnings beat while noting that the composite and building materials demand is impacted by the changes in the housing and construction markets which have been strong in recent quarters. Argus adds that the company's balance sheet is clean, and the management has recently hiked the dividend by 15%, signaling confidence in the outlook and a commitment to shareholder returns.

RBC Capital raised the firm's price target on Owens Corning to $192 from $175 and keeps an Outperform rating on the shares. The company's Q1 results saw another strong margin result in Roofing, with incremental pricing gains in Roofing/Insulation driving further upside while more than offsetting ongoing Composites weakness, the analyst tells investors in a research note. RBC adds that it continues to see strength supported by lean channel inventories and solid sell-through even as comps become more difficult.

Loop Capital lowered the firm's price target on Masco to $76 from $79 and keeps a Hold rating on the shares. The company reported a solid beat on the back of stronger-than-expected plumbing margins, but while its FY24 guidance was only reiterated, with no imminent negative change in trend expected in Q2, this outlook is "potentially conservative", the analyst tells investors in a research note. Masco is executing well despite weak volumes, but the firm still wants better visibility as the margin for error with investors has narrowed, Loop added.

Sees Q2 EBIT margin 20%. Sees FY24 effective tax rate 24%-26%.

Sees FY24 interest expense $70M-$80M; effective tax rate on adjusted earnings 24%-26%; capital additions $550M; and depreciation and amortization $550M.