BMO Capital downgraded PotlatchDeltic (PCH) to Market Perform from Outperform with a price target of $45, down from $51. The company’s pending merger with Rayonier (RYN) will significantly reduce its exposure to lumber, the analyst tells investors in a research note. Meanwhile, the U.S. South pulpwood markets are likely to remain challenged in the near term due to pulp and paper capacity shutdowns, adds BMO.
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