** Forestry products firm Weyerhaeuser's WY.N shares rise 2.2% to $26.04

** J.P.Morgan starts coverage of company's shares with "overweight" rating and $31 PT

** After years of headwinds due to weak product demand, earnings growth could inflect as wood products fundamentals improve, particularly in lumber, JPM says

** In the near term, WY could see steady earnings growth as new single-family construction stabilizes and improves - brokerage

** JPM says that potential for tariffs on Canadian-produced goods should also allow WY to increase pricing and margins in its wood products segment as well

** Up to Monday's close, stock down 9.5% YTD

(Reporting by Juby Babu in Mexico City)

((Juby.Babu@thomsonreuters.com))