The Globe and Mail reports in its Friday, Feb. 7, edition that Raymond James analyst Daryl Swetlishoff has upgraded his rating on Canfor Pulp Products ($11.95) to "outperform" from "strong buy." The Globe's Darcy Keith and Jody White write in the Eye On Equities column that Mr. Swetlishoff believes the outlook is bright for Canfor Pulp Products. He says robust pulp prices, weakness in the Canadian dollar and an improved cost structure should result in strong 2014 earnings. Mr. Swetlishoff expects lower capital expenditures to further boost 2015 free cash flow. Mr. Swetlishoff believes that market reaction to expanded hardwood capacity is overdone. He believes demand for softwood pulp remains robust. Mr. Swetlishoff increased his target price to $17 from $14. RBC also raised its price target to $15 from $13 and reiterated an "outperform" rating. The analyst consensus price target, according to Thomson Reuters, is $13.46. Mr. Swetlishoff downgraded Canfor Pulp to "outperform" from "strong buy" in the Eye column on May 3, 2013, when it could be had for $8.98. In the item, he targeted the shares at $14.50. RBC boosted Canfor Pulp to "outperform" in the Eye column on Jan. 8, 2014. It was then worth $10.84.