UPDATE: DA Davidson Downgrades Plum Creek Timber to Neutral

DA Davidson has published a research report on Plum Creek Timber Company (NYSE: PCL) and has downgraded the company from Buy to Neutral after the company reported 1Q earnings.

In the report, DA Davidson writes, "As has been the case in previous quarters, the choppy timing of land sales contributed to the shortfall in earnings, with some of the deferred land sales being pushed out into future quarters. With Plum Creek reiterating its full year guidance, we are adjusting our quarterly estimates slightly but maintaining our full year outlook in what remains a slow but steady demand environment.As has been the case in previous quarters, the choppy timing of land sales contributed to the shortfall in earnings, with some of the deferred land sales being pushed out into future quarters. With Plum Creek reiterating its full year guidance, we are adjusting our quarterly estimates slightly but maintaining our full year outlook in what remains a slow but steady demand environment."

DA Davidson maintains its $45 price target on Plum Creek Timber Company, which is currently trading down $2.03 from yesterday's $42.04 closing price.