Mercer price target lowered to $8 from $10 at RBC Capital

RBC Capital analyst Matthew McKellar lowered the firm’s price target on Mercer to $8 from $10 and keeps a Sector Perform rating on the shares after its wider than expected Q2 earnings loss reported last week. With pulp prices losing momentum, soft European economic conditions, challenging U.S. lumber pricing, and elevated interest rates that continue to weigh on the mass timber growth trajectory, the firm remains at neutral, the analyst tells investors in a research note.