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Fly News Breaks for April 30, 2018
OC
Apr 30, 2018 | 06:43 EDT
RBC Capital analyst Michael Eisen downgraded Owens Corning to Outperform from Top Pick and lowered his price target to $88 from $102 after the company's Q1 earnings miss. The analyst cites increased uncertainty around FY18 and rising risks while still maintaining his view around "upside potential from pricing and margin expansion in Insulation" outweighing potential downside from input cost inflation. Eisen adds that the recent decline in the stock price has brought valuation down to an enterprise value to EBITDA multiple of 7.6-times, which is well below the company's 5-year average of 8.3-times and the peer group mean of 8.7.times.
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