Canfor (TSE:CFP) Stock Crosses Below 200 Day Moving Average - Here's What Happened

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.

Canfor Co. (TSE:CFP - Get Free Report) shares crossed below its 200-day moving average during trading on Monday . The stock has a 200-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 changing hands.

Analyst Upgrades and Downgrades

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

Canfor Price Performance

The company has a debt-to-equity ratio of 21.94, a quick ratio of 2.14 and a current ratio of 2.19. The company has a market cap of C$1.59 billion, a price-to-earnings ratio of -2.49 and a beta of 2.24. The business has a fifty day moving average price of C$13.62 and a 200 day moving average price of C$13.86.

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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