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BoA Downgrades Temple-Inland

Carl Icahn will not nominate board candidates. Banc of America downgrades Temple-Inland (TIN) to hold from buy.

Analyst Mark Wilde says pressure on the company to pursue restructuring (Timberland monetization and separation of financial services, etc.) is reduced but not eliminated due to Icahn news.

As such, he believes one of the primary near-term catalysts has been eliminated. He cuts his $95 target to $80, based on 6.5 times his 2006 EBITDA estimate. He says this is a modest premium to a group average based on asset values.

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