07:42:11 EDT Thu 17 Oct 2019
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West Fraser Timber Co Ltd
Symbol C : WFT
Shares Issued 66,375,069
Close 2019-09-18 C$ 56.17
Recent Sedar Documents

Globe says Swetlishoff keen on West Fraser Timber

2019-09-18 07:47 ET - In the News

The Globe and Mail reports in its Wednesday edition that Raymond James analyst Daryl Swetlishoff upgraded West Fraser Timber to "strong buy" from "outperform" with an unchanged share target of $80. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $66.50. Mr. Swetlishoff feels below-cost commodity pricing in the building materials sector is "unsustainable," pointing to "encouraging" U.S. home-building data and commentary as well as "material" curtailment-related shipment declines. Accordingly, expecting pricing to trend higher in the coming quarters, Mr. Swetlishoff says it is "time to buy the trees again." He says in a note: "What's more, this favourable supply/demand dynamic is coinciding with seasonally advantageous timing. Building materials stocks are 80-per-cent correlated with commodity prices; essentially treading water since we downgraded select names on July 16, 2019. Share prices continue to discount below-cash-cost commodity pricing, which we view as unsustainable. Building materials stocks are trading in value territory, discounting below cash cost pricing. We have an encouraging near-term outlook given improving demand/supply fundamentals."

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