RBC Capital analyst Matthew McKellar downgraded PotlatchDeltic (PCH) to Sector Perform from Outperform with an unchanged price target of $48. The firm says the pending merger will dilute the positives from PotlatchDeltic’s exposure to U.S. lumber production. RBC sees the “benefits of scale” as the company comes together with Rayonier, but thinks it will take some time for an inflection in timber demand to play out.
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