| Thursday | ||||
TD Securities analyst… TD Securities analyst Sean Steuart lowered the firm's price target on Western Forest to C$1.75 from C$2.25 and keeps a Hold rating on the shares. He lowered target prices for seven of the 10 companies in his coverage universe, noting that forest product equities remain under pressure as investors discount an increasingly negative macroeconomic outlook. However, Steuart reiterates an Overweight bias on the sector given that balance sheets are in significantly better shape than was the case entering previous recessions and he believes current valuations "assume an overly negative outlook." | ||||
| Over a week ago | ||||
Scotiabank analyst Benoit… Scotiabank analyst Benoit Laprade lowered the firm's price target on Western Forest to C$2.50 from C$2.75 and keeps a Sector Perform rating on the shares. | ||||
| Over a quarter ago | ||||
Raymond James analyst… Raymond James analyst Daryl Swetlishoff upgraded Western Forest to Strong Buy from Outperform with a price target of C$3.25, up from C$2.90. Following another "solid" quarter, the analyst is constructive on Western Forest Products, citing the stock's inexpensive valuation and the company's "pristine balance sheet, healthy dividend yield and reduced share count all backstopped by continued impressive (and stable) free cash flow generation." | ||||
CIBC analyst Hamir Patel… CIBC analyst Hamir Patel raised the firm's price target on Western Forest to C$2.25 from C$2 and keeps a Neutral rating on the shares. | ||||
CIBC analyst Hamir Patel… CIBC analyst Hamir Patel lowered the firm's price target on Western Forest to C$2 from C$2.50 and keeps a Neutral rating on the shares. | ||||
RBC Capital analyst Paul… RBC Capital analyst Paul Quinn lowered the firm's price target on Western Forest to C$2.75 from C$3 and keeps an Outperform rating on the shares. | |
TD Securities analyst… TD Securities analyst Sean Steuart downgraded Western Forest Products to Hold from Buy with a price target of C$2.25, down from C$2.75. The analyst says that while the company's Q3 results continued no surprises, he's "cautious absent transparency" regarding its exposure to the proposed British Columbia policy changes. Western Forest has a disproportionate exposure to the potential temporary suspension of harvesting on 2.6M hectares of B.C. old-growth timberlands, Steuart tells investors in a research note. | |
CIBC analyst Hamir Patel… CIBC analyst Hamir Patel downgraded Western Forest Products to Neutral from Outperformer with a price target of C$2.50, down from C$2.60. The analyst now sees "limited catalysts on the horizon" for wood products names. Lumber prices have already re-inflated from their summer lows, lumber futures are correcting, and the housing backdrop is only likely "get more cloudy" as rising mortgage rates raise affordability concerns with home prices already at record highs, Patel tells investors in a research note. As such, Patel moves to the sidelines on four lumber names. | |
Raymond James analyst… Raymond James analyst Daryl Swetlishoff lowered the firm's price target on Western Forest to C$2.90 from C$3 and keeps an Outperform rating on the shares. | |
CIBC analyst Hamir Patel… CIBC analyst Hamir Patel lowered the firm's price target on Western Forest to C$2.60 from C$2.90 and keeps an Outperformer rating on the shares. |
