UPDATE: DA Davidson Downgrades Weyerhaeuser to Neutral
DA Davidson lowers its rating on Weyerhaeuser (NYSE: WY) to Neutral from Buy as shares approach $22 12-month price target (reiterated) following company earning ahead of estimates.
DA Davidson notes, "Weyerhaeuser capped off 2011 with Q4-11 operating earnings of $0.14 as compared to earnings of $0.10 in Q4-10 and $0.12 in Q3-11. On a GAAP basis, earnings of $0.12 included $0.02 in restructuring charges; last year's $0.32 earnings benefited from $0.21 in income tax adjustments and asset sales. The operating income came in a nickel above our $0.09 estimate, with the majority of the variance attributable to $22 million ($0.04) in lower than expected taxes, which benefited from special items in the quarter."
WY closed at $21.30 a share on Friday
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.