UPDATE: Bank of America Upgrades Louisiana-Pacific to Buy on Housing, OSB Fundamentals

Bank of America raised its rating on Louisiana-Pacific LPX from Underperform to Buy and increased its price target from $9 to $16. Bank of America noted, "While admittedly late, we upgrade LPX to Buy from Underperform to move alongside other wood and housing-related Buys including Weyerhaeuser and Rayonier. Given our valuation there is sufficient upside to our new PO of $16 to upgrade. Our ests move higher given better Oriented Strand Board (OSB) pricing. OSB is used in structural sheathing in new homes and room additions, as well as other building components. LPX is the leading producer of OSB in North America." Louisiana-Pacific closed at $13.28 on Wednesday.