Weyerhaeuser, Louisiana-Pacific slump as BofA downgrades

Louisiana-Pacific

20/09/2022 16:00

** Weyerhaeuser  WY.N  shares down 5.63% at $29.93; on pace for
sixth decline in seven sessions
    ** Shares of the timber, land and forest products company at
lowest levels since Feb 1, 2021 after BofA Global Research cut
the stock to a "neutral" rating from a "buy" and cut price
objective to $34 from $38
    ** BofA sees operating rates possibly piercing 80% and
creating more downward price pressure on the sector's products
    ** The firm cut Louisiana-Pacific  LPX.N  to "underperform"
from "neutral" while reducing price objective to $56 from $64.
LPX last down 6.08% at $51.30 
    ** BofA says calls on WY and LPX "are not driven by a
super-new insight but rather our ratings distribution, upside to
price objectives and below consensus estimates. We believe it
will be difficult to see outperformance given these factors and
the looming recession." 
    ** However, the firm kept its rating on Boise Cascade
 BCC.N , down 3.81% at $58.64 at a "neutral" and edged its price
target up to $73 from $72 on increased estimates

 (Reporting by Chuck Mikolajczak)
 ((charles.mikolajczak@tr.com; @ChuckMik;))