The Globe and Mail reports in its Friday, Oct. 18, edition that TD Cowen analyst Sean Steuart believes that the prolonged earnings trough for lumber-weighted equities is nearing its end. The Globe's David Leeder writes that Mr. Steuart, however, does not anticipate any relief during this earnings season. He says in a note: "Our Q3/24 adjusted EBITDA estimates are below consensus estimates for four of the eight companies [we follow]. We expect that weaker Q3/24 lumber prices were exacerbated by extensive sawmill production curtailments and associated unit cost pressure. In certain cases, we expect that inventory valuation provisions and retroactive duty reconciliation will undermine Q3/24 results. Our estimates for all lumber-focused equities are below consensus forecasts; Interfor to a lesser extent than Canfor, West Fraser Timber and Western Forest Products." Citing recent share price "strength," Mr. Steuart has reaffirmed his "hold" call for Western Forest Products. He gave his share target a five-cent boost to 55 cents. Analysts on average target the shares at 59 cents. The Globe reported on Feb. 16 that Mr. Steuart had reiterated his "hold" call for Western Forest, which was then worth 65 cents.