Timber industry giant Weyerhaeuser ( WY) has restructured over the past few years, including selling its paper business in 2007 and its corrugated-packaging unit in 2008. And then last year, it converted its corporate structure into a real estate investment trust (REIT) to reap tax benefits. Barclays' analysts say that "after a 16-year downturn in real lumber pricing (between 1993 and 2009), an upturn is under way." "Weyerhaeuser is a superior hard-asset play," they said, "whose highly productive timberlands thrive in an inflationary environment. We believe a multi-year cyclical upturn in demand, prices and profits began in 2010, and positive momentum should build in 2011, 2012 and beyond." The company's non-timber assets include a wood-products division, a homebuilding unit and a pulp business. On May 2, Barclays put a $33 price target on Weyerhaeuser's shares, a 50% premium to its current price. Its shares are up 20% this year, but have a one-year gain of only 3.8%. The timber company has a market value of $11 billion.