Canfor (TSE:CFP) Upgraded by Raymond James Financial to Strong-Buy Rating

Key Points

• Raymond James upgraded Canfor to “strong buy” and raised its price target from C$17.00 to C$21.00, implying 32.58% upside from the reported share price. TD also increased its target to C$20.00 and maintained a “buy” rating.
• Canfor shares rose 1.4% to C$15.84, near their 52-week high of C$16.49. Analysts’ consensus view is “moderate buy,” with an average price target of C$18.00.
• The company reported a quarterly loss of C$0.16 per share on C$1.53 billion in revenue, alongside a negative 25.37% return on equity and negative 12.04% net margin. An insider subsequently sold 4,052 shares at C$16.00 each.

Canfor (TSE:CFP - Get Free Report) was upgraded by Raymond James Financial from an "outperform" rating to a "strong-buy" rating in a note issued to investors on Tuesday, BayStreet reports. The brokerage currently has a C$21.00 price target on the stock, up from their previous price target of C$17.00. Raymond James Financial's price objective suggests a potential upside of 32.58% from the company's current price.

Separately, TD raised their price target on Canfor from C$18.00 to C$20.00 and gave the company a "buy" rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Canfor currently has a consensus rating of "Moderate Buy" and a consensus price target of C$18.00.

Canfor Stock Up 1.4%

Shares of TSE:CFP traded up C$0.22 during midday trading on Tuesday, hitting C$15.84. 248,103 shares of the stock were exchanged, compared to its average volume of 201,650. Canfor has a 52-week low of C$10.86 and a 52-week high of C$16.49. The business's fifty day simple moving average is C$14.53 and its two-hundred day simple moving average is C$13.68. The company has a debt-to-equity ratio of 41.78, a quick ratio of 2.14 and a current ratio of 1.35. The company has a market capitalization of C$1.86 billion, a PE ratio of -2.84 and a beta of 1.39.

Canfor (TSE:CFP - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported C($0.16) earnings per share (EPS) for the quarter. Canfor had a negative return on equity of 25.37% and a negative net margin of 12.04%.The business had revenue of C$1.53 billion during the quarter. As a group, research analysts predict that Canfor will post 0.4005401 earnings per share for the current fiscal year.

Insider Activity at Canfor

In related news, insider Stephen Roche Mackie sold 4,052 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of C$16.00, for a total transaction of C$64,832.00. Following the sale, the insider directly owned 5,410 shares in the company, valued at C$86,560. This represents a 42.82% decrease in their position. 53.92% of the stock is owned by insiders.

About Canfor

Canfor Corp is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and green energy. Proudly headquartered in Vancouver, British Columbia, Canfor Corp produces renewable products from sustainably managed forests, at more than 50 facilities across its diversified operating platform in Canada, the United States and Europe. Canfor Corp has a 77% stake in Vida AB, Sweden's largest privately owned sawmill company and also owns, approximately, a 54.8% interest in Canfor Pulp.

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