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D.A. Davidson & Co. lowers Weyerhaeuser to 'neutral'

D.A.Davidson & Co. analyst Steve Chercover cut his investment opinionof Weyerhaeuser "neutral" from "buy," and decreased his price target to$33 from $34.

The analyst wrote in a research report: "WY shares haveappreciated by 38% since the closing of the PCL deal on February 19th. Withdiminished earnings expectations and a reduction in our NAV, we are cutting ourtarget … (in line with NAV, and the only Timber REIT expected to trade at sucha narrow discount). With only 4% equity upside and a 4% dividend yield, we nowrate WY shares NEUTRAL."