Owens Corning gets bullish coverage from Jefferies

Jefferies initiates Owens Corning (OC -0.6%) at Buy.

Analyst Philip Ng cites valuation, as the shares trade "at a 25% discount" to peers.

Also mentioned in the note: The company's strong balance sheet, "good operating leverage" in the insulation business, and the possibility OC will return cash to shareholders next year.

Price target is $55, a 43% premium to Wednesday's close.

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