The Globe and Mail reports in its Friday, July 21, edition that CIBC World Markets analyst Hamir Patel has lowered his recommendation for Stella-Jones to "neutral" from "outperformer." The Globe's David Leeder writes in the Eye On Equities column that Mr. Patel has an unchanged $69 share target for Stella-Jones. Analysts on average target the shares at $72.86. Mr. Patel says in a note: "While Stella-Jones may benefit from potential for a near-term tuck-in acquisition in ties, the story is looking increasingly catalyst-lite in our view, with estimates already reflecting robust pole demand growth through 2024, and limited prospects for material earnings growth in ties and res lumber from current levels. We see a relatively low FCF yield in 2024 of 3.7 per cent, below low-volatility packaging names (CCL Industries/Winpak expected to average 5.9 per cent) and well below commodity wood names (we see an 8.2 per cent FCF yield from West Fraser Timber next year). At the same time, we note signs of increased pole competition emerging, with Valmont increasing its capabilities and capacity in concrete poles." The Globe reported on March 13 that Mr. Patel rated Stella-Jones "outperformer." It was then worth $53.48.