TSX:CFF - Post Discussion
Post by
hawkowl1 on Dec 14, 2020 7:40am
Globe says Conifex Timber kept at "outperform"
2020-12-11 07:04 ET - In the News
Shares issued 47,036,089
CFF Close 2020-12-11 C$ 1.50
The Globe and Mail reports in its Friday, Dec. 11, edition that Raymond James analyst Daryl Swetlishoff hiked his 2021 commodity forecasts for forest products on Thursday, pointing to "unseasonably strong" markets and a bullish home-building outlook. The Globe's David Leeder writes that Mr. Swetlishoff sees what he calls a lumber "supercycle." Accordingly, Mr. Swetlishoff continues to rate Conifex Timber "outperform." Mr. Swetlishoff boosted his share target to $2.25 from $1.75. Analysts on average target the shares at $1.78. Mr. Swetlishoff says in a note: "Following a record 3Q20 bull-run, building materials prices normalized seasonally. However, both lumber and structural panels bottomed last month 80-90 per cent above historic trough levels. Over the past two weeks, despite a seasonally weak time of year, building materials have staged a 'Santa Claus' rally with Jan. 2021, lumber futures surging over $750 (U.S.) per thousand board feet [mfbm] (up 25 per cent). Similarly, both SYP lumber and OSB panels have rallied off of seasonal lows. ... [Raymond James] remains very bullish on the 2021 macro setup which bodes well for end use demand. Accordingly, we are upping our 2021 commodity price forecasts."
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