After USG announced that it has received, and rejected, a $42 per share takeover offer from Germany's Knauf, stating that it does not reflect the value of the company and its revenue and earnings growth opportunity, Stifel analyst John Baugh said that using a conservative estimate of earnings growth versus the company's targets, he would arrive at a value of roughly $45 per share for the stock. In more of a "best case scenario" where the company did achieve its target multiples, he believes the present value of the company could be above $50 per share, he tells investors. Baugh has a Hold rating on USG shares.