Investors Shrug at RBC's Upgrade of Weyerhaeuser, Shares Close Only Very Modestly Higher
In a report published on Monday, RBC Capital analyst Paul Quinn raised Weyerhaeuser (NYSE: WY) to Outperform versus the previous Sector Perform rating. The analyst price target was also raised from $31 to $34 as the analyst believes the lumber correction has now concluded.
Quinn cited potential exposure to recovery in US housing market; OSB prices are 30 percent above the trend and Quinn sees lumber expected to recover in the fall.
Shares of Weyerhaeuser closed up 0.2 percent to $29.10.
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