Weyerhaeuser upgraded to Buy at BofA amid paper and packing restacking

BofA upgraded Weyerhaeuser to Buy from Neutral with a price target of $38, up from $34. The firm is “restacking” its ratings in the packaging and paper products group heading into Q2 reports, noting that several of its changes attempt to prioritize to better valuations or financial positioning. For Weyerhaeuser in particular, BofA says its upgrade of the wood products and timber company “adds housing exposure in a risk-averse way given the value of timberlands.”