UPDATE: D.A. Davidson & Co. Downgrades Weyerhaeuser Company; Raises PT

According to a research report published Friday morning, D.A. Davidson & Co. downgraded Weyerhaeuser Company

from Buy to Neutral, and raised the company's price target from $22 to $23. D.A. Davidson & Co. commented in the report, "The commodities that drive Weyerhaeuser are moving in different directions, and while the net impact on earnings is expected to be slightly positive, we are moving to the sidelines from a valuation perspective. Prices for lumber and panels (OSB in particular) have exceeded expectations for the quarter just ended, and because we expect only a slow reversion, we have raised our OSB pricing assumption for the remainder of our forecast horizon. Unfortunately, weakness in the global pulp market has hit North American shores, and with fluff pulp capacity ramping domestically and benchmark NBSK prices deteriorating, we are lowering expectations for Weyerhaeuser's pulp unit." Weyerhaeuser Company closed Thursday at $22.33.