CLSAAmericas LLC analyst Mark William Connelly downgraded his investment opinionof Weyerhaeuser Co.to "underperform" from "outperform," with a price target of$31.

Theanalyst wrote in a research report: "The long awaited HBU reviewunderwhelmed and left many unanswered questions. Management seems to be bankingon higher lumber prices, rather than a ramping HBU business beyond 2017. Whileaccelerated HBU sales could help close gaps, timber Reit investors generallywant to see the real estate side show sustainable growth, rather than surgecapacity."