Canfor Corporation (CFP) Receives a Hold from CIBC

By Carrie Williams

Shares of Canfor Corporation (CFPResearch Report) were revisited by a Wall Street analyst yesterday. CIBC’s analyst Hamir Patel reiterates their Hold rating on the shares, with a C$18 price target.

According to TipRanks.com, Patel is a 4-star analyst with an average return of 6.3% and a 45.7% success rate. Patel covers the Basic Materials sector, focusing on stocks such as West Fraser Timber Co Ltd, Cascades Inc, and Norbord Inc.

Canfor Corporation has an analyst consensus of Moderate Buy, with a price target consensus of C$24.42, implying a 45.7% upside from current levels. In a report issued on January 4, Scotiabank also reiterated a Hold rating on the stock with a C$22.50 price target.

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Based on Canfor Corporation’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$125 million. In comparison, last year the company had a net profit of C$132 million.

Canfor Corp. engages in the production of forest products. It operates through the Lumber and Pulp ang Paper segments. The Lumber segment deals with logging activities and manufactures wood chips, pellets and wood products. The Pulp and Paper segment produces and trades northern bleached softwood kraft and bleached chemi-thermo mechanical pulp.

The company’s shares closed on Monday at C$16.72, close to its 52-week low of C$14.48.