Weyerhaeuser: Refreshing Estimates for June Update; Updated Thoughts on Near Term Trends

研报英文原文证据摘录

Weyerhaeuser: Refreshing Estimates for June Update; Updated Thoughts on Near Term Trends

J P M O R G A N North America Equity Research

29 June 2026

Weyerhaeuser Overweight

WY, WY US

Refreshing Estimates for June Update; Updated Price (26 Jun 26):$25.31

Thoughts on Near Term Trends ▲Price Target (Dec-27):$31.00 Prior (Dec-26):$30.00

We are updating our WY model after catching up with management following the

company’s updated June lumber/OSB sales realization update last week. Our REITs

2026/2027 EPS estimates are revised from $0.30/0.74 to $0.26/0.70, respectively. Hong Zhang AC

The main driver of the lower estimates are the lower 2Q Wood Products guidance, (1-212) 622-6416

along with our assumption of incremental near-term headwinds tied to constraints hongliang.zhang@jpmorgan.com

around trucking, which we think could persist for longer than just this quarter. Michael W. Mueller, CFA

(1-212) 622-6689

2Q Wood Products guidance lowered due to lumber headwinds tied to michael.w.mueller@jpmorgan.com

trucking constraints and cost pressures. WY lowered its 2Q outlook for Wood Anthony Paolone, CFA

Products and now expects $20 million lower QoQ EBITDA contribution from the (1-212) 622-6682

anthony.paolone@jpmorgan.com

segment, compared to its prior guidance of “comparable”. The main drivers of the

Nahom Tesfazghi

change were lower lumber sales volumes and higher unit costs driven by

(1-212) 622 4884

transportation constraints tied to higher fuel prices. Additionally, the company also nahom.tesfazghi@jpmchase.com

temporarily lowered its lumber sales realization sensitivity in Q2 as well due to Daniella De Armas Rosales

higher trucking costs, from $50 million annualized EBITDA per $10/MBF price (1-212) 622-0050

change to now ~$43 million annualized EBITDA per $10/MBF.