S&P Equity Research Downgrades Weyerhaeuser (WY) to Hold
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S&P Equity Research downgrades Weyerhaeuser (NYSE: WY) from Buy to Hold.
S&P analyst, S. Benway, says, "Q1 loss per share of $0.24 vs. EPS of $0.20 is wider than our $0.10 loss estimate. Conditions in the residential real estate market remained depressed, leading to losses in WY's wood products and real estate businesses. We expect the environment in these areas to remain difficult in coming quarters, and we are reducing our '08 EPS estimate to $0.50 from $1.40. Plans to sell the corrugated packaging business in second half for $6B are on schedule, and we expect significant debt reduction with the proceeds. With limited upside seen to our 12-month $72 target price, we would hold."
Weyerhaeuser Company is an integrated forest products company.[SM]
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