DA Davidson Downgrades Plum Creek Timber (PCL) to Neutral; Small Q1 Miss; No N-T Catalysts

DA Davidson downgraded Plum Creek Timber (NYSE: PCL) to Neutral with a price target of $45.00.

Analyst, Steven Chercover, said, "Plum Creek reported Q1-12 operating earnings of $0.18 as compared to earnings of $0.23 in Q1-11 and $0.38 last quarter. The results came in $0.04 shy of our $0.22 estimate and were below the company’s $0.20-$0.25 guidance. Revenues of $337 million exceeded our projections by $23 million, but land basis on real estate sales crimped earnings (not cash flow)...As has been the case in previous quarters, the choppy timing of land sales contributed to the shortfall in earnings, with some of the deferred land sales being pushed out into future quarters."

For an analyst ratings summary and ratings history on Plum Creek Timber click here. For more ratings news on Plum Creek Timber click here.

Shares of Plum Creek Timber closed at $42.04 yesterday.

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