The Globe and Mail reports in its Thursday edition that CIBC's Hamir Patel has elevated his recommendation for Conifex Timber to "neutral" from "underperformer." The Globe's David Leeder writes that Mr. Patel gave his share target a 25-cent trim to 75 cents. Analysts on average target the shares at $1.13. Mr. Patel says in a note: "With the shares having significantly underperformed peers this year given depressed SPF prices, downside risks have largely played out. We have also moderated our price target to 75 cents (from $1) as we roll our valuation year to 2025. Although lumber prices are expected to remain somewhat depressed in 2024, we believe the company's liquidity is adequate to sustain operations into 2025 (when we expect a sharp rebound in profitability for the lumber sector)." The Globe reported on April 14, 2021, that Mr. Patel had raised his share target for Conifex to $3 from $2.50. It was then worth $2.55. The Globe reported on July 21, 2021, and March 10, 2022, that Mr. Patel was keeping Conifex at "neutral." The shares were then going for $1.85 and $2.25. The Globe reported on Aug. 11, 2023, that Raymond James had upgraded Conifex to "outperform" from "market perform." It was then worth $1.22.