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Citi: Buy Weyerhaeuser on high lumber prices, housing strength

May 31, 2016 11:46 AM ETWeyerhaeuser Company (WY) StockWYBy: Stephen Alpher, SA News Editor10 Comments
  • High lumber prices could be around for awhile, says Citi's Anthony Pettinari, as dealers have underestimated the strength of the housing market.
  • In addition to strong demand and lean inventories, the resolution of the Canadian softwood lumber trade dispute, a return of Chinese buyers to the market, and an early start to the fire season should all be bullish catalysts. There's also a possible surge in demand ahead of a potential Canadian duty hike in October.
  • Pettinari and team's top lumber stock pick is Weyerhaeuser (WY) thanks to the company's pricing power, market positioning, streamlined portfolio, and attractive valuation.

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