UPDATE: DA Davidson Downgrades Weyerhaeuser to Neutral

DA Davidson lowers its rating on Weyerhaeuser 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
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Posted In: Analyst ColorDowngradesPrice TargetIntraday UpdateAnalyst RatingsDA Davidson
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