In a report published Thursday, D.A. Davidson analyst Steven Chercover upgraded the rating on Plum Creek Timber (NYSE: PCL) from Underperform to Neutral, and reiterated the $47.00 price target.
Plum Creek Timber closed on Wednesday at $45.23.
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In the report, D.A. Davidson noted, “Shares of Plum Creek (and all the Timber REITs) have come under pressure over the past month, as talk of Quantitative Easing tapering has combined with the stark drop in wood market pricing. Since our downgrade on April 30th, Plum Creek shares have fallen 12%. We think it's time to revisit our recommendation given the stock has fallen below our $47 price target (which reflects our estimate of NAV). We are upgrading the shares from Underperform to NEUTRAL.”
