The Globe and Mail reports in its Friday, Jan. 12, edition that TD Securities analyst Sean Steuart lowered his recommendation for Interfor to "hold" from "buy" in response to recent share price appreciation of 44 per cent since late October. The Globe's David Leeder writes that Mr. Steuart gave his share target a $3 boost to $27. Analysts on average target the shares at $28.80. Mr. Steuart says in a note: "The downgrade largely reflects relative share-price outperformance and expanded valuation parameters. Interfor's share price has climbed 44 per cent since late-October -- outpacing average share-price gains of 22 per cent for peers over the same duration. ... The relative outperformance reflects increased investor comfort with the company's balance sheet. ... Interfor Q3/23-ending net debt-to-cap of 29 per cent contrasts with net cash balances of its larger lumber peers. We expect that constrained 2024 capex plans will contrast against most lumber-focused peers. Interfor is planning to lower 2024 capex by 30 per cent year-over-year as a means of managing free cash flow. With relative balance-sheet strength, we expect more aggressive discretionary spending from CFP and WFG over our forecast horizon."