Scotiabank Believes Canfor Corporation (TSX: CFP) Still Has Room to Grow

By Carrie Williams

The Materials sector company, Canfor Corporation (TSX: CFP), has received a rating update from a Wall Street analyst on July 26. On July 26, analyst Benoit Laprade gave a Buy rating to CFP and set a C$21.25 price target.

According to TipRanks.com, Laprade is a 3-star analyst with an average return of 0.9% and a 78.4% success rate. Laprade covers the Consumer Goods sector, focusing on stocks such as Fibria Celulose SA, Methanex Corp, and Domtar Corp.

Canfor Corporation has an analyst consensus of Moderate Buy, with a price target consensus of C$20.56.

Canfor Corporation’s market cap is currently C$2.72B and has a P/E ratio of 14.2.

Canfor Corp. engages in the lumber business. It operates through the following segments: Lumber; Pulp and Paper; and Unallocated and Other. The Lumber segment deals with logging activities and manufactures wood chips, pellets, and wood products.

The company’s shares closed on Friday at C$20.62, close to its 52-week high of C$20.92.