UPDATE: BMO Capital Markets Upgrades Louisiana-Pacific Corporation to Outperform, Reiterates $24 PT
In a report published Friday, BMO Capital Markets upgraded its rating on Louisiana-Pacific Corporation (NYSE: LPX) from Market Perform to Outperform, and reiterated its $24.00 price target.
BMO Capital Markets noted, “BMO recently raised its 2013 U.S. housing start forecast to 0.97mm and 2014 estimate to 1.15mm, similar to the NAHB. The average for BMO, NAHB, NAR and RISI is 1.248mm as shown on the facing page. Based on our demand/supply forecast, we expect relatively tight markets in 2013 and 2014. Furthermore, panel pricing could be higher than we have forecast should the 2014 estimate of NAR or RISI (average 1.35mm) materialize.”
Louisiana-Pacific Corporation closed on Thursday at $19.43.
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