The Globe and Mail reports in its Wednesday, April 17, edition that TD Cowen analyst Sean Steuart, in a research report released Tuesday titled Slow Climb Out Of The Trough, reiterated his view that most lumber-weighted equities are undervalued. The Globe's David Leeder writes in the Eye On Equities column that Mr. Steuart says in a note: "Despite a plateau setting in for interest rates and resurgent new home construction trends since late-2023, equity valuations in the group have struggled for traction. Sawmill capacity closure initiatives are expected to yield better operating rates once the industry works through surplus inventory in the coming months. Lumber-weighted equities are trading at average multiples of 0.6 times P/BV [price-to-book value] and 3.1 times estimated trend EV/EBITDA, well below long-term averages for both metrics despite superior balance-sheet strength versus past cycles. Our top pick is West Fraser Timber. ... [It] is expected to benefit from surging North American structural panel prices toward the end of the quarter." Mr. Steuart gave his share target a 10-cent trim to 65 cents. Analysts on average target the shares at 71 cents.