Deutsche Bank Downgrades Plum Creek Timber (PCL) to Hold; Bulls Ahead of Themselves

Deutsche Bank downgraded Plum Creek Timber (NYSE: PCL) from Buy to Hold.

Deutsche analyst says, "Q1 was a bit light & Q2 guidance was at the low-end of DB’s existing guidance range. While we like the long-term asset value and have a high regard for financial mgmt at PCL, at current levels, we think “timber bulls” are ahead of themselves. No change to $45 PT. Trimming Q2 from $0.30 to $0.28. Keeping FY11 at $1.29. Introducing FY12 at $1.45."

For more ratings news on Plum Creek Timber click here and for the rating history of Plum Creek Timber click here.

Shares of Plum Creek Timber closed at $42.89 yesterday.

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