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Fly News Breaks for January 7, 2020
Jan 7, 2020 | 07:41 EDT
Loop Capital analyst Garik Shmois initiated coverage of Owens Corning with a Buy rating and $76 price target. In a research note to investors, Shmois says he sees several catalysts into FY20 that should drive the shares higher. The analyst says that insulation should benefit from tighter capacity utilization from curtailments that the company took in 2019, and sees easy storm comps and declining asphalt costs as driving volumes strength and margin expansion in roofing, respectively, in 2020. Further, he said that a more stable input cost environment and stabilizing global macro picture should also lower downside risk of the company's international-focused technical insulation and composites businesses.
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