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Published: Tuesday, 7/15/2008

Owens Corning shares rise after analyst raises rating

Owens Corning Inc., the largest U.S. insulation maker, rose the most since exiting bankruptcy in 2006 after a Morgan Keegan analyst predicted increased roofing demand from storms will boost full-year earnings.

Owens Corning shares climbed $1.19, or 6 percent, to $21.20 at 11 a.m. in New York Stock Exchange composite trading. Earlier, shares rose 9.3 percent in the biggest percentage gain for the Toledo company since September 2006.

Analyst Keith Johnson raised his rating to outperform from market perform, saying higher prices and increased demand from an active storm season in the U.S. so far will help earnings. Owens Corning sells products including roofing shingles.

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