UPDATE: BMO Capital Starts Potlatch (PCH) at Market Perform
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(Updated - October 13, 2016 8:25 AM EDT)
BMO Capital initiated coverage on Potlatch (NASDAQ: PCH) with a Market Perform rating and a price target of $36. Analyst Ketan Mamtora isn't comfortable with valuation.
"There is EBITDA upside from a recovery in U.S. housing and southern sawlog prices. However, it is hard to get comfortable with a $2,000/acre valuation on PCH’s Northern Idaho as well as its southern lands. We’ve purposefully taken a cautious view of NAV and come up with a $40/share value. Our $36 price target is based on a 10% discount to our NAV," said Mamtora.
Shares of Potlatch closed at $38.96 yesterday.
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