DA Davidson Downgrade Pushes Clearwater Paper Shares Down 2%

Shares of Clearwater Paper Corp CLW fell below the $60 level Thursday following an intraday downgrade from DA Davidson analyst Steven Chercover.

The analyst set a Neutral rating on the stock, down from a prior Buy rating. Chercover has a $65 12-18 month price target on Clearwater shares, and an $85 five-year price target.

The lowered investment recommendation came on the heels of outperformance by the stock against its Paper & Packaging peers, "appreciating ~35%, and have almost doubled since reaching a 52-week low ($32) reached during what we like to call 'the point of maximum pessimism' back in mid-February," Chercover said.

Notably, and despite the Neutral rating, Chercover suggested investors should "be nimble in the event of a pullback."

Clearwater Paper shares closed down nearly 2.3 percent at $59.99 Thursday.