Scotiabank Upgrades Canfor (TSE:CFP) to Hold

Canfor (TSE:CFP) was upgraded by equities researchers at Scotiabank from a “strong sell” rating to a “hold” rating in a report released on Monday, Marketbeat Ratings reports. The firm currently has a C$16.00 price objective on the stock, up from their previous price objective of C$13.00. Scotiabank’s price objective would indicate a potential upside of 9.81% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Raymond James Financial raised Canfor from a “moderate buy” rating to a “strong-buy” rating and lifted their target price for the stock from C$15.00 to C$17.00 in a report on Wednesday, January 14th. Royal Bank Of Canada decreased their price target on shares of Canfor from C$16.00 to C$15.00 and set an “outperform” rating on the stock in a research note on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of C$16.20.

Canfor Stock Performance

TSE CFP opened at C$14.57 on Monday. The company has a quick ratio of 2.14, a current ratio of 2.19 and a debt-to-equity ratio of 21.94. Canfor has a twelve month low of C$10.86 and a twelve month high of C$16.22. The business has a 50-day moving average price of C$12.24 and a 200-day moving average price of C$12.71. The firm has a market cap of C$1.70 billion, a price-to-earnings ratio of -3.66 and a beta of 2.00.

Canfor (TSE:CFP) last released its quarterly earnings data on Wednesday, November 5th. The company reported C($1.48) earnings per share (EPS) for the quarter. The company had revenue of C$1.26 billion for the quarter. Canfor had a negative net margin of 13.77% and a negative return on equity of 20.05%. As a group, equities research analysts predict that Canfor will post 0.4005401 EPS for the current fiscal year.

About Canfor

Canfor Corp is a softwood lumber company that also owns around half of Canfor Pulp. It is active throughout North America, with lumber mills in British Columbia, Alberta, and the Southeastern United States. It has two reportable segments: Lumber and Pulp and Paper.