Why BofA Downgrades Homebuilders Owens Corning, Dream Finders Homes
New home demand has deteriorated over the past few weeks due to the spike in mortgage rates, a sharp decline in consumer confidence and the weaker economic growth outlook, according to BofA Securities. BofA On Owens Corning Analyst Rafe Jadrosich downgraded the rating for Owens Corning (NYSE: OC ) from Buy to Underperform, while reducing the price target from $119 to $80. The company has “relatively high new construction exposure,” estimated at more than a third of insulation and 20% of … Full story available on Benzinga.com
Why BofA Downgrades Homebuilders Owens Corning, Dream Finders Homes
New home demand has deteriorated over the past few weeks due to the spike in mortgage rates, a sharp decline in consumer confidence and the weaker economic growth outlook, according to BofA Securities. BofA On Owens Corning Analyst Rafe Jadrosich downgraded the rating for Owens Corning (NYSE: OC ) from Buy to Underperform, while reducing the price target from $119 to $80. The company has “relatively high new construction exposure,” estimated at more than a third of insulation and 20% of … Full story available on Benzinga.com