Shares of Owens Corning (OC) - Get Report , a developer, and producer of insulation, roofing, and fiberglass composites, were rising in midday trading on Friday after analysts at Jefferies reiterated their "Buy" rating on its stock predicated on higher insulation costs.
The firm assigned a $79.10 price target on the stock, as it has confirmed that Owens Corning will raise prices for U.S. fiberglass insulation by 12% to 15% effective January 8, 2018.
"We believe the industry should see good support with market conditions tightening and returns remaining depressed," Jefferies noted.
Shares of Owens Corning are higher over 50% year-to-date.
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