Canaccord Genuity Remains a Buy on Hardwoods Dist

By Carrie Williams

In a new note to investors today, an analyst has provided a rating update for the Utilities sector company, Hardwoods Dist (TSX: HWD). Analyst Yuri Lynk from Canaccord Genuity rated Hardwoods Dist (TSX: HWD) a Buy, setting a C$24 price target.

According to TipRanks.com, Lynk is a 4-star analyst with an average return of 6.8% and a 62.9% success rate. Lynk covers the Basic Materials sector, focusing on stocks such as Enterprise Products Partners LP, Badger Daylighting Ltd, and Aecom Technology Corp.

Hardwoods Dist has an analyst consensus of Moderate Buy, with a price target consensus of C$24.

Based on Hardwoods Dist’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of C$275 million and quarterly net profit of C$9.76 million. In comparison, last year the company earned revenue of C$235 million and had a net profit of C$7.3 million.

Hardwoods Distribution, Inc. engages in the sourcing and distribution of hardwood lumber, sheet goods, and specialty products. The company was founded on July 1, 2011 and is headquartered in Langley, Canada.

The company’s shares closed on Tuesday at C$18.93.