As previously reported, RBC Capital analyst Matthew McKellar upgraded PotlatchDeltic to Outperform from Sector Perform with a price target of $46, up from $45. Lumber markets and investor sentiment are close to a bottom, which has been reflected in the stock's 18.5% year-to-date decline, the analyst tells investors in a research note. PotlatchDeltic shares are trading at a large discount to net asset value given the tailwinds on the stock that include a tightening lumber market, a growing pipeline of natural climate solutions opportunities, and demand for high-quality timberlands that remains strong, the firm added.

Reports Q1 revenue $228.1M, consensus $229.54M. "Our business segments delivered solid operational performance in the first quarter despite various market and weather-related challenges," said Eric Cremers, President and Chief Executive Officer. "Additionally, during the quarter we capitalized on market opportunities to enhance shareholder value by acquiring high-quality mature timberland and agreeing to divest young-aged timberland at a sales price that is at a significant premium to our timberland value. Our strong balance sheet and liquidity provide flexibility as we navigate through the current economic environment and we remain committed to our disciplined capital allocation strategy to drive value for our shareholders over the long term," stated Mr. Cremers.