Evercore ISI upgrades Owens Corning after report of Carlisle takeover bids

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Summary · why it matters

Evercore ISI upgraded Owens Corning to outperform from in line and raised its price target to $188 from $139, following a report that Carlisle Cos. has made unsolicited offers to acquire the roofing company. Analyst Stephen Kim said the news could trigger a lasting revaluation of Owens Corning, particularly drawing attention to the undervalued nature of its roofing business through a sum-of-the-parts analysis. The Wall Street Journal reported that Carlisle offered a mix of cash and stock at a significant premium, but Owens Corning has not engaged substantially. Owens Corning shares surged 15% on Monday and added 1.9% on Tuesday, while Carlisle fell 2.6% on Monday and another 2.6% on Tuesday.

Impact on stocks 4

Climate Adaptation & Water± Mixed · 2 stocks
Owens Corning Inc
OC
▲ PositiveCapitalrelevance

Evercore ISI upgraded Owens Corning to outperform and raised price target after report of Carlisle's takeover bid, highlighting undervalued roofing business; shares surged 15%.

Carlisle Companies Incorporated
CSL
▼ NegativeCapitalrelevance

Carlisle's unsolicited takeover bid for Owens Corning was rejected, and its shares fell 2.6% on both Monday and Tuesday.

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