The Globe and Mail reports in its Friday, Dec. 5, edition that Raymond James analyst Daryl Swetlishoff has reaffirmed his "outperform" recommendation for Canfor. The Globe's David Leeder writes that Mr. Swetlishoff gave his share target a $2 trim to $15. Analysts on average target the shares at $15.29. Late Wednesday Canfor said it will acquire the remaining 45 per cent of Canfor Pulp currently held by minority shareholders. Mr. Swetlishoff says in a note: "The offer presents shareholders with the option of taking 50 cents a share in cash or 0.0425 CFP shares per CFX share -- representing a 25-per-cent premium to the December 2nd close and a 38-per-cent premium to the 10-day VWAP [volume-weighted average price]. While we do not view the transaction as the best option from a financial perspective, we note it is likely the best of bad options, as it avoids potential environmental-liability challenges, minimizes risks to social-licence considerations in B.C. and mitigates job losses in rural communities. To be clear, based on current pulp fundamentals we expect the deal to be dilutive. ... That said, assuming mid-cycle pulp earnings, we estimate the deal to be modestly accretive (4 to 5 per cent)."