Raymond James analyst Buck Horne double downgraded Weyerhaeuser to Market Perform from Strong Buy without a price target. The firm reduced its timber real estate investment trust sector recommendation to Market Weight in conjunction with rating downgrades to Weyerhaeuser and PotlatchDeltic. Post the Q3 reports, the analyst incorporated a more conservative Q4 and 2024 outlook for wood products commodity pricing in lumber and oriented strand board, as well as lower projected sawtimber realizations. Homebuilding strength still not enough to stabilize lumber this year, the analyst tells investors in a research note.
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