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Wood products makers downgraded on lower housing demand, falling lumber prices

·1 min read
Wood products makers downgraded on lower housing demand, falling lumber prices
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Shares of Boise Cascade Co. tumbled 10.9% toward and eight-month low, and of Louisiana-Pacific Corp. 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 c