Citi lowered the firm’s price target on Weyerhaeuser to $35 from $38 and keeps a Buy rating on the shares. The firm updated its North America lumber supply/demand model and price forecasts as well as timber real estate investment trusts estimates. After a “disappointing” 2024, Citi expects Southern log prices can return to growth in 2025 on rising lumber operating rates and growing U.S. South sawmill capacity, the analyst tells investors in a research note. Citi says that while “higher-for-longer” interest rates “temper some of the upside,” it is positive on Weyerhaeuser (WY) and PotlatchDeltic (PCH) citing their discounted valuations, leverage to recovering lumber prices, and ramping land-based revenue streams.
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