The Globe and Mail reports in its Friday edition that CIBC World Markets analyst Hamir Patel has lowered his estimates for wood products companies heading into the first quarter earnings season. The Globe's David Leeder writes in the Eye On Equities column that this is due to weaker-than-expected benchmark prices and lower volume/higher cost assumptions following recent channel checks. However, Mr. Patel upgraded Acadian Timber to "outperformer" from "neutral" with a share target of $20, up from $17, acknowledging its additional revenue stream from carbon credit sales. Analysts on average target the shares at $17.83. Mr. Patel says in a note: "Last month, Acadian announced an agreement for the sale of nearly all of its currently registered carbon credits (768,571 credits) for $19-million. We expect almost all of these proceeds to translate into EBITDA this year, boosting our Acadian Timber EBITDA forecast for the year by 90 per cent to $38-million (vs. $21-million in 2023), and boosting EBITDA in subsequent years by at least $5-million annually (20-per-cent uplift from our prior estimates)." The Globe reported on Feb. 23 that Mr. Patel had cut Acadian Timber to "neutral" from "outperformer." It was then worth $10.75.