Scotiabank Reaffirms Their Hold Rating on Canfor Corporation (CFP)
Canfor Corporation (TSX: CFP), the Materials sector company, was revisited by a Wall Street analyst yesterday. Analyst Benoit Laprade from Scotiabank reiterated a Hold rating, with a C$30 price target.
Laprade has an average return of 34.5% when recommending Canfor Corporation.
According to TipRanks.com, Laprade is ranked #1338 out of 4877 analysts.
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The word on The Street in general, suggests a Strong Buy analyst consensus rating for Canfor Corporation with a C$39.75 average price target.
Based on Canfor Corporation’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of C$170 million. In comparison, last year the company had a net profit of C$66.2 million.
Canfor Corp. engages in the production of forest products. It operates through the Lumber and Pulp ang Paper segments. The Lumber segment deals with logging activities and manufactures wood chips, pellets and wood products. The Pulp and Paper segment produces and trades northern bleached softwood kraft and bleached chemi-thermo mechanical pulp.
The company’s shares closed on Friday at C$21.61, close to its 52-week low of C$20.89.