Canfor Corp. (CFP.TO) shares have been caught in the downdraft of general market uncertainty, "shifting the risk/reward proposition back in investors' favour," Desjardins Securities Inc. analyst Pierre Lacroix is cited in the Globe and Mail as saying.
He reportedly expects market conditions for lumber to improve over the next six to nine months on the back of tighter production, continued strong demand from China, and a slight improvement in U.S. housing. "The company's long-term growth profile remains compelling, as we expect the shares to double during the next peak in lumber prices," he reportedly said.
Lacroix upgraded Canfor to Buy from Hold while maintaining a $12.50 price target.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
