The Globe and Mail reports in its Saturday, Oct. 1, edition that Stifel analyst Ian Gillies commenced coverage on Hardwoods Distribution with a "buy" ranking. The Globe's David Leeder writes in the Eye On Equities column that Mr. Gillies set a share target of $52. Analysts on average target the shares at $61.13. Mr. Gillies says in a note: "HDI has enjoyed very strong cash generation since the beginning of the pandemic due to advantageous supply and demand dynamics, which has allowed for a significant expansion of capabilities through two sizable U.S. acquisitions. We are expecting more of the same from this company in future years. ... We believe HDI's stock price valuation is inexpensive when compared to its U.S. peers. HDI is trading at 5.6 times P/E compared to its U.S. distribution peers at 6.7 times. HDI's financial metrics (growth, margins and ROE) screen slightly worse than the peer group, but as its growth strategy is executed we expect the metrics to push closer to the peer group due to size and scale opportunities. We believe this will result in valuation expansion over the course of time. Every 0.5-times catch-up in P/E would add $2.37/sh to HDI's share price."