The Globe and Mail reports in its Friday, Oct. 17, edition that in a report previewing earnings season for paper and forest products companies titled Darkest Before the Dawn, TD Cowen analyst Sean Steuart says he sees wood product prices at "unsustainable lows." The Globe's David Leeder writes in the Eye On Equities column that Mr. Steuart says in a note: "Our Q3/25 estimates are below consensus for most equities, and in most cases, we have lowered our forecasts through 2026 to reflect more conservative lumber and OSB commodity price expectations. Given the extent of expected negative free-cash-flow generation in H2/25 (exacerbated by rising lumber duty deposit rates/tariffs), we believe that another round of lumber capacity cuts is imminent. Q3/25 forest product/packaging sector expectations: below consensus forecasts for most wood product and pulp equities. We expect weaker sequential (q/q) Q3/25 results for nine of the 11 equities in our coverage set. In most cases, our Q3/25 forecasts are below consensus estimates." Mr. Steuart continues to rate Western Forest Products "hold." Mr. Steuart cut his share target by a loonie to $13. Analysts on average target the shares at $12.38.