Weyerhaeuser Co (NYSE:WY) stock was up on Thursday after Goldman Sachs started coverage of it.
Analysts at Goldman Sachs started coverage of Weyerhaeuser on Thursday morning. The banking firm gave WY stock a “Buy” rating and a price target of $37. The stock was trading at $30.35 when the market closed on Wednesday.
Goldman Sachs’ analysts went on to say that Weyerhaeuser is the best way for investors to get involved in the timberland market via a publicly traded company. It also noted that the continued increase in value of U.S. timberland prices will help the stock continue to grow, reports TheStreet.com.
There are currently 11 research firms that are offering coverage of Weyerhaeuser stock. Of these 11, six have a “Buy” rating for the stock. The other five research firms have placed a “Hold” rating on WY stock. The 11 research firms that are offering coverage of Weyerhaeuser stock have an average 1-year price target of $35.60.
Weyerhaeuser last released its earnings report on Friday, August 5, 2016. It’s earnings per share of 17 cents came in below Wall Street’s estimate of 20 cents for its second quarter of 2016. Revenue for second quarter of 2016 was $1.65 billion, which was less than the $1.84 billion that analysts were expecting from the company.
Weyerhaeuser announced earlier this year that it would be selling its pulp business to International Paper Co (NYSE:IP) for $2.2 billion. The deal includes five pulp mills and two converting facilities. It is expected to be completed during the fourth quarter of 2016.
WY stock was up 4% as of Noon Thursday.
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