UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Plum Creek Timber Co.
In a report published Friday, Deutsche Bank reiterated its Hold rating on Plum Creek Timber Co. (NYSE: PCL), and raised its price target from $45.00 to $48.00.
Deutsche Bank noted, “They're upbeat, we're a bit more cautious. PCL's commentary on housing and prospective uptick in sawlog prices was most optimistic of the timber REIT's we cover. Plum Creek is also expanding its non-timber income. We have high respect for PCL management, regarding them as the most disciplined public timberland manager. However, at current levels, timber bulls appear to be pricing in lots of cyclical upside. We rate the stock a Hold. Boosting PT from $45 to $48/share.”
Plum Creek Timber Co. closed on Thursday at $48.18.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.