UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Weyerhaeuser Company - Weyerhaeuser (NYSE:WY)

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In a report published Wednesday, Citigroup reiterated its Buy rating on Weyerhaeuser Company (NYSE: WY), and raised its price target from $32.00 to $36.00.Citigroup noted, “With our non-consensus top pick up 49% in 2012 and an additional 7% YTD, we are reassessing WY's prospects for 2013. Following a review of our model we are raising our already above-consensus 2013 EPS estimate 20%. We expect WY's upward earnings revision cycle to continue through 2013 and WY remains our most preferred name. We are raising our 12-month target price to $36 (+24% ETR), although potential upside of $42 is possible in a stronger environment. We view WY as providing the most compelling upside/downside opportunity in our sector, with a Bear Case target price of $24 (-17% downside vs. +44% upside).”Weyerhaeuser Company closed on Tuesday at $29.68.

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