UPDATE: Stifel Initiates Coverage on Catchmark Timber Trust at Buy, Establishes $15.50 PT

In a report published Tuesday, Stifel analyst Simon Yarmak initiated coverage on Catchmark Timber Trust, Inc.

with a Buy rating, establishing a $15.50 price target. According to the report, the analyst's estimates assume U.S. South at $1,430-$1,630 per acre. Under this method, they get an NAV (net asset value) range of $15.50-$13.50. “CatchMark Timber Trust is a pure-play timber REIT that owns and harvests timber in the Southeast region of the U.S., primarily Alabama and Georgia,” the report noted. “The company currently owns 247,000 acres and leases an additional 33,000 acres.” Some highlights from the report included: -Pure-Play Timber Proxy -Solid Balance Sheet -Establishing 2013, 2014, 2015 EPS Estimates