PotlatchDeltic price target lowered to $48 from $50 at RBC Capital

RBC Capital analyst Matthew McKellar lowered the firm’s price target on PotlatchDeltic (PCH) to $48 from $50 and keeps an Outperform rating on the shares as part of a broader research note previewing 2025 for Paper & Forest Products names. The firm notes that the U.S. housing market is the main demand driver for the company’s Timberlands, Wood Products, and Real Estate businesses, but while it expects housing activity to remain challenged by affordability issues in the near and medium term, it sees long-term fundamentals remain supportive, the analyst tells investors in a research note. RBC adds that it sees a recovery in North American log prices over the next several years driven by long-term fundamentals for the U.S. housing market, long-term decline in Canadian supply due to the impact of the mountain pine beetle in British Columbia, and growing biomass demand.