UPDATE: Stifel Downgrades Owens Corning As Roofing Business Is Weaker Than Anticipated

In a report published Thursday, Stifel analyst John Baugh downgraded the rating on

from Buy to Hold, and removed the $50.00 price target. In the report, Stifel noted, “Now that we have more definitive information on OC's roofing business, it confirms our fears that OC has lost market share in roofing, has lost price discipline (prices were down year/year while costs were up), and is resigned to materially lower margins in this business compared with the admittedly lofty 20% area going forward. We now think there is equal risk to the down-side in roofing versus the up-side from here given weak overall roofing demand in the marketplace and the breaking of price discipline and thus feel compelled to reduce our rating from Buy to Hold.” Owens Corning closed on Wednesday at $36.38.