Canfor (TSE:CFP) Shares Pass Below 200 Day Moving Average After Analyst Downgrade

Key Points

• Canfor's shares have fallen below the 200-day moving average, trading as low as C$12.20 after Raymond James Financial downgraded their price target from C$19.00 to C$17.00.
• TD Securities also cut their target price on Canfor to C$17.00, maintaining a "buy" rating, while the stock currently holds an average rating of "Hold" with a price target of C$16.50.
• Canfor, a softwood lumber company, has a market cap of C$1.43 billion and a debt-to-equity ratio of 21.94, indicating a high level of leverage compared to equity.

Shares of Canfor Co. (TSE:CFP - Get Free Report) passed below its 200-day moving average during trading on Thursday after Raymond James Financial lowered their price target on the stock from C$19.00 to C$17.00. The stock has a 200-day moving average of C$13.48 and traded as low as C$12.20. Raymond James Financial currently has an outperform rating on the stock. Canfor shares last traded at C$12.25, with a volume of 194,308 shares.

Separately, TD Securities lowered their target price on shares of Canfor from C$18.00 to C$17.00 and set a "buy" rating on the stock in a research note on Tuesday, August 5th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of C$16.50.

Canfor Stock Performance

The company has a current ratio of 2.19, a quick ratio of 2.14 and a debt-to-equity ratio of 21.94. The company's 50-day moving average price is C$12.96 and its two-hundred day moving average price is C$13.48. The company has a market cap of C$1.43 billion, a P/E ratio of -2.24 and a beta of 2.01.

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.

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