UPDATE: Stifel Nicolaus Raises PT to $48 on Plum Creek Timber Company on Distribution, Yield
Stifel Nicolaus reiterated its Buy rating on Plum Creek Timber Company (NYSE: PCL) and raised its price target from $45 to $48.
Stifel Nicolaus commented, "We are increasing our Plum Creek target price to $48 from $45. Our new target price is 18.6x our 2014 FAD estimate of $2.58 and a 3.5% dividend yield, which we think could have upside in a housing recovery as log prices and volumes recover. We reiterate our Buy rating."
Plum Creek Timber Company closed at $44.39 on Thursday.
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