Raymond James Thinks CanWel Building’s Stock is Going to Recover

CanWel Building (TSX: CWX), the Services sector company, was revisited by a Wall Street analyst today. Analyst Steve Hansen from Raymond James remains bullish on the stock and has a C$7 price target.

According to TipRanks.com, Hansen is ranked #994 out of 4870 analysts.

CanWel Building has an analyst consensus of Moderate Buy, with a price target consensus of C$7.25.

Based on CanWel Building’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of C$14.66 million. In comparison, last year the company had a net profit of C$9.83 million.

CanWel Building Materials Group Ltd. engages in the distribution and trade of construction materials. It operates through Distribution and Forestry business segments. The Distribution segment is comprised of wholesale distribution of building materials and home renovation products, including value-added services such as lumber pressure treating.

The company’s shares closed on Wednesday at C$6.08, close to its 52-week low of C$6.02.