Canfor (TSE:CFP) Stock Passes Below 200 Day Moving Average - Here's Why

Key Points

• Canfor (TSE:CFP) shares dropped below their 200-day moving average of C$13.86, trading as low as C$13.47 before closing at C$13.62.
• Raymond James Financial downgraded Canfor from a "strong-buy" to an "outperform" rating, reducing their price target from C$22.00 to C$19.00.
• The current consensus rating for Canfor is "Hold" with a consensus price target of C$17.00, supported by a mix of analyst ratings including three Buys and three Holds.

Shares of Canfor Co. (TSE:CFP - Get Free Report) crossed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$13.86 and traded as low as C$13.47. Canfor shares last traded at C$13.62, with a volume of 115,441 shares trading hands.

Wall Street Analysts Forecast Growth

CFP has been the subject of several research analyst reports. Raymond James Financial lowered shares of Canfor from a "strong-buy" rating to an "outperform" rating and decreased their price target for the company from C$22.00 to C$19.00 in a report on Tuesday, July 22nd. TD Securities reduced their target price on shares of Canfor from C$18.00 to C$17.00 and set a "buy" rating for the company in a research note on Tuesday, August 5th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Canfor has a consensus rating of "Hold" and a consensus target price of C$17.00.

Canfor Stock Performance

The stock's 50 day moving average price is C$13.51 and its 200 day moving average price is C$13.84. 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 has a market capitalization of C$1.54 billion, a price-to-earnings ratio of -2.41 and a beta of 2.24.

Canfor Company Profile

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.