B.Riley FBR analyst Craig Kucera maintained a Buy rating on CatchMark Timber (CTT) today and set a price target of $12. The company’s shares closed yesterday at $10.17.
Kucera noted:
“We reiterate our Buy rating and $12 target on CatchMark Timber Trust, Inc. (CTT) as shares continue to trade at a deep discount to both our NAV estimate and on a price/FFO multiple basis to peers while underlying fundamentals are improving. CTT is a REIT that owns and invests in timberlands located predominantly in the Southeastern U.S, and we believe the perception that demand for CTT timber and pricing is more directly correlated with lumber prices (which were highly volatile in 2018) is misunderstood, as CTT saw both average sawtimber and pulpwood prices increase 6% and 5%, respectively, on a YOY basis in 1Q19 as mills in CTT’s submarkets continue to expand, raising demand and timber prices.”
According to TipRanks.com, Kucera is a 4-star analyst with an average return of 6.5% and a 68.6% success rate. Kucera covers the Financial sector, focusing on stocks such as NexPoint Residential Trust Inc, Urstadt Biddle Properties Inc, and Consolidated-Tomoka Land Co.
Currently, the analyst consensus on CatchMark Timber is a Moderate Buy with an average price target of $12, representing a 18.0% upside. In a report released yesterday, RBC Capital also maintained a Buy rating on the stock with a $12 price target.
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The company has a one-year high of $13.21 and a one-year low of $6.71. Currently, CatchMark Timber has an average volume of 228.2K.
Based on the recent corporate insider activity of 36 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CTT in relation to earlier this year.
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CatchMark Timber Trust, Inc. engages in the ownership, management, acquisition, and disposition of timberlands. It operates through the following business segments: Harvest, Real Estate and Investment Management. The Harvest segment includes wholly-owned timber assets and associated timber sales, other revenues and related expenses.
