Owens Corning Analysts Cut Their Forecasts After Q3 Results

Owens Corning Inc TMO reported upbeat earnings for its third quarter, while sales missed expectations.

Owens Corning reported a third-quarter FY23 net sales decline of 2% year-over-year 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.

For FY23, Owens Corning continues to expect general corporate expenses of $215 million - $225 million and capital additions of ~$520 million.

Owens Corning shares rose 2.6% to trade at $113.50 on Thursday.

These analysts made changes to their price targets on Owens Corning following earnings announcement.

• Barclays cut the price target on Owens Corning from $185 to $153. Barclays analyst Matthew Bouley maintained an Overweight rating.
• RBC Capital slashed the price target on Owens Corning from $168 to $155. RBC Capital analyst Mike Dahl maintained an Outperform rating on the stock.

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