Raymond James upgrades timber REITs, shares rise

Weyerhaeuser

23/12/2024 11:34

** Brokerage Raymond James upgrades timber REITs
Weyerhaeuser  WY.N  and Potlatchdeltic Corp  PCH.O  to
"outperform" from "market perform" on improving lumber
fundamentals and deep valuation discounts
    ** Shares of WY and PCH are up 0.9% and 1.7%, respectively,
in premarket trading
    ** Brokerage says, "the longer-term thesis for the timber
REITs remains particularly bright"
    ** Raymond James points to an under-supplied U.S. housing
market, expected to grow with lower mortgage rates and strong
demand for rural and HBU (higher and better use) land sales as
key drivers
    ** The average rating of 12 brokerages for WY and eight
brokerages for PCH is a "buy"
    ** As of Friday's close, WY has dropped ~20% YTD, while PCH
has declined ~21% YTD

 (Reporting by Joel Jose in Bengaluru)
 ((joeljose@thomsonreuters.com))