In a latest note to investors, a research analyst has provided a rating update for the Western Forest Prod (WEF). CIBC’s analyst Hamir Patel reiterates their Hold rating on the shares, with a C$2 price target.
According to TipRanks.com, Patel is a 4-star analyst with an average return of 5.9% and a 47.4% success rate. Patel covers the Basic Materials sector, focusing on stocks such as West Fraser Timber Co Ltd, Cascades Inc, and Norbord Inc.
Western Forest Prod has an analyst consensus of Moderate Buy, with a price target consensus of C$2.37.
Based on Western Forest Prod’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of C$5.3 million. In comparison, last year the company had a net profit of C$19 million.
Western Forest Products, Inc. engages in the sale of lumber and logs, which includes timber harvesting, sawmilling logs into specialty lumber and value added lumber remanufacturing. Its products include outdoor living, home components, millwork, industrial and non-residential. The company was founded in 1955 and is headquartered in Vancouver, CA.
The company’s shares closed on Friday at C$1.89, close to its 52-week low of C$1.72.
