Raymond James upgraded PotlatchDeltic (PCH) to Outperform from Market Perform with a $45 price target The firm upgraded the two timber real estate investment trusts citing improving lumber fundamentals and “deep valuation discounts.” The analyst sees a steadily improving backdrop forming for lumber price fundamentals. The market “might be throwing the baby out with the bath water,” as the lumber markets are beginning to “act decidedly more positive” heading into 2025, the analyst tells investors in a research note. Raymond James highlights the 12% quarter-over-quarter improvement in cash market pricing for the random lengths lumber composite in Q4 and believes the seasonal bottom for lumber pricing has already been made.
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