Plum Creek Timber downgraded at BAML

• The recovery in fundamentals (i.e., busier housing starts) is likely to be pushed further out, says analyst George Staphos, following the Q3 earnings report.
• CEO Rick Holley on the earnings call (transcript): "We did not grow our Southern harvest to the extent that we had planned for the third quarter. Some of the demand growth and price intention, we have forecast for the second half of this year has not materialized."
• Staphos: "The dividend increase at least as far as you can see, for '15 are probably on hold for now?"
• Holley: "I think that's a fair assessment."
• PCL -3%
• Previously: Plum Creek Timber beats by $0.02, misses on revenue