- Owens Corning reported disappointing results, showing continued weakness in the roofing business.
- My thesis correctly called the stock fully priced and anticipated this continued weakness in the U.S. housing indicators, which continued to negatively impact OC’s results.
- I reiterate my target price of $37.6 per share. OC’s price drop means that the company now has ~6% upside within a year. However, cyclical housing downside risks remain.