Wood products makers downgraded on lower housing demand, falling lumber prices [MarketWatch]
Louisiana-Pacific Corporation (LPX)
Last louisiana-pacific corporation earnings: 2/11 06:55 am
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Source: MarketWatch
LPX, slid 4.9% toward a 15-month low, after BofA Securities downgraded the wood products makers to neutral from buy, citing a "more bearish" view on new home demand and has wood prices have dropped sharply. Analysts George Staphos and John Babcock also cut their price targets on Boise's stock to $71 from $95 and on Louisiana-Pacific to $67 from $90. The downgrades come after BofA Securities recently cut its 2023 estimate for U.S. single-family housing starts, (which use three times more wood than multi-family) to 800,000 to 900,000 from the current pace of about 1.1 million, given near-term demand risks as rising prices and interest rates have led to the lowest levels of affordability in about 16 years. The latest data on housing starts showed a plunge to a two-year low in May. In addition, the analysts said the reasons to be bullish, such strong earnings resulting from higher-than-average lumber pricing, rising new home and repair/remodel construction expenditures and tight supply ch
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LPX
Earnings
- 2/14/24 - Beat
LPX
Sec Filings
- 3/27/24 - Form ARS
- 3/27/24 - Form DEFA14A
- 3/27/24 - Form DEF
- LPX's page on the SEC website