The Globe and Mail reports in its Thursday, April 4, edition that while Raymond James analyst Daryl Swetlishoff thinks fundamentals support long-term upside for forest products companies, he sees them staying in "deep value territory." The Globe's David Leeder writes in the Eye On Equities column that as a result, Mr. Swetlishoff lowered his earnings expectations for forest products companies in 2024. Mr. Swetlishoff says in a note: "Once again, the seasonal lumber trade has outperformed the market with lumber up 25 per cent and building materials stocks up 21 per cent (vs the TSX up 17 per cent) since last Halloween. While typically peaking in February (around Super Bowl) the trade extended into March this year; we expect largely due to weather issues. However, with Southern Yellow Pine (SYP) lumber prices and Spruce-Pine-Fir (SPF) CME lumber futures selling off we expect the trade is getting long in the tooth. Despite the gains, the sector remains undeniably inexpensive with price-to-book valuations underscoring bargain-basement value." Mr. Swetlishoff has reaffirmed his "strong buy" recommendation and $105 (U.S.) share target for West Fraser Timber. Analysts on average target the shares at $101 (U.S.).