The Globe and Mail reports in its Tuesday edition that CIBC World Markets analyst Mark Kennedy says West Fraser Timber ($63.70) beat expectations in the first quarter mostly due to better-than-expected performance from its lumber segment (all figures Canadian unless otherwise stated). The Globe's David Leeder and Tim Shufelt write in the Eye On Equities column that West Fraser posted adjusted pretax earnings of of $173-million, an increase of 10 per cent from the fourth quarter of 2014. Mr. Kennedy is forecasting an earnings improvement from $621-million in 2014 to $634-million in 2015. He is also projecting free cash flow to decline from $467-million to $439-million in 2015, due largely to maintenance capital expenditures. Despite doing better than expected, Mr. Kennedy is lowering his price target for the stock as he sees mid-cycle lumber pricing, projected to be $380 (U.S.) per foot board measure for Western spruce-pine-fur, to be unachievable before 2017. He lowered his price target to $70 from $76. Analysts on average target the shares at $74.38. Mr. Kennedy maintained his "sector performer" rating. The Globe reported Mr. Kennedy's call to buy West Fraser on March 24, when it was worth $62.58.