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  4. BofA Downgrades Owens Corning On New Home Demand
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BofA Downgrades Owens Corning On New Home Demand

By Sam Boughedda BofA Securities analyst Rafe Jadrosich downgraded Owens Corning (NYSE:OC) to Underperform from Buy, lowering the firm's price target on the stock to $80 from...
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BofA Downgrades Owens Corning On New Home Demand © Reuters. BofA Downgrades Owens Corning On New Home Demand

By Sam Boughedda

BofA Securities analyst Rafe Jadrosich downgraded Owens Corning (NYSE:OC) to Underperform from Buy, lowering the firm's price target on the stock to $80 from $119.

In a note released Friday, Jadrosich said they believe new home demand deteriorated over the last few weeks as a result of the spike in mortgage rates (up 40bps in 10 days), plummeting consumer confidence, and the weaker economic growth outlook.

"At our Housing Symposium on June 6th , homebuilders acknowledged a moderation in May (takeaway note), but we believe demand has incrementally slowed since then. We now expect homebuilders to moderate the pace of new construction and US single-family housing starts to fall to the 800-900k range in 2023 from a current pace of 1.1mm," wrote Jadrosich. "We still see positive long-term drivers to new home demand including a demographic tailwind and a shortage of homes following a decade of underbuilding, but the urgency to buy has evaporated and we expect a pause in the housing market that could stretch into 2023."

As a result, the company downgraded insulation, roofing, and fiberglass company Owens Corning, stating there is limited upside to roofing with margins and sales likely near peak levels.

"OC has relatively high new construction exposure (estimate over one-third of insulation and 20% of roofing). In insulation, we now expect volume to decline ~10% YoY in 2023 and margins to compress. Composites could slow in 2023 with weaker industrial demand."

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
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 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
(0/ 0) # 1,510
SJC 1c, 2c, 5c7,380/ 7,550
(0/ 0) # 540
SJC 0,5c7,380/ 7,560
(0/ 0) # 550
SJC 99,99%7,370/ 7,470
(0/ 0) # 460
SJC 99%7,196/ 7,396
(0/ 0) # 386
Cập nhật 01-05-2024 10:45:19
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Cập nhật lúc 10:45:15 01/05/2024
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