UPDATE - UBS Downgraded Louisiana-Pacific Corp (LPX) to Sell; Recovery to Take Time

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LPX Hot Sheet

Rating Summary:
5 Buy, 1 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
Up: 22 | Down: 8 | New: 36

UPDATE - UBS downgraded Louisiana-Pacific Corp (NYSE: LPX) from Neutral to Sell. PT lowered $1 to $7.50.

UBS analyst said, "LPX lost $0.31/share in 4Q11 adjusting for a $3.9mm impairment. This compares to a $0.19 loss in 3Q11 and $0.12 loss in 4Q10. Our estimate was a $0.16 loss, consensus was a $0.20 loss...We fear that given current weak industry utilization (~60%) material price recovery is unlikely. We expect modest operating improvement with less inflation & continued cost cutting savings. Our new 2012 est is a $0.65 loss (from $0.35 loss). This assumes EBIT improves about $20mm y/y (EBITDA neutral). Our 1Q estimate is $0.20 loss."

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