CIBC Keeps Their Hold Rating on Acadian Timber (ADN)

By Austin Angelo

Acadian Timber (ADNResearch Report), the Materials sector company, has received a rating update from a Wall Street analyst yesterday. CIBC’s analyst Hamir Patel reiterates their Hold rating on the shares, with a C$16 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.

Currently, the analyst consensus on Acadian Timber is a Moderate Buy with an average price target of C$17.67, implying a 18.0% upside from current levels. In a report issued on January 3, Scotiabank also reiterated a Hold rating on the stock with a C$19 price target.

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Based on Acadian Timber’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$5.95 million. In comparison, last year the company had a net profit of C$12.35 million.

Acadian Timber Corp. engages in the operation of timberland and supplies forest products. It operates through the following segments: New Brunswick Timberlands, Maine Timberlands, and Corporate. The company was founded on January 1, 2010 and is headquartered in Vancouver, Canada.

The company’s shares closed on Monday at C$14.98, close to its 52-week low of C$14.25.