The Globe and Mail reports in its Wednesday, April 17, edition that TD Cowen analyst Sean Steuart, in a research report released Tuesday titled Slow Climb Out Of The Trough, reiterated his view that most lumber-weighted equities are undervalued. The Globe's David Leeder writes in the Eye On Equities column that Mr. Steuart says in a note: "Equity valuations in the group have struggled for traction. Sawmill capacity closure initiatives are expected to yield better operating rates once the industry works through surplus inventory in the coming months. Lumber-weighted equities are trading at average multiples of 0.6 times P/BV [price-to-book value] and 3.1 times estimated trend EV/EBITDA, well below long-term averages for both metrics despite superior balance-sheet strength versus past cycles. ... Lumber markets have improved from cyclical lows, but momentum has waned in recent weeks. The current Random Lengths Framing Lumber Composite price has improved 5 per cent since mid-February, but prices in most regions are still at, or below, our estimate of cash costs." Mr. Steuart gave his share target for Canfor Pulp Products a 25-cent trim $1.75. Analysts on average target the shares at $1.98.