RBC downgrade RBC Dominion Securities analyst Paul Quinn Mr. Quinn lowered his Western Forest Products Inc. target to $2.75 from $3, topping the consensus by 3 cents, with an “outperform” recommendation.
“Western Forest Products Inc. reported Q321 results that were above our forecast and consensus expectations, largely driven by higher-than-expected realized lumber pricing,” he said. “With Western’s shares falling 10 per cent (or $90-million of equity value) since the BC Provincial Government announced its plan to defer harvest of 2.6 million hectares of BC’s most at-risk old-growth forests, we think that the move is overdone given the company’s proactive engagement with First Nations on the BC Coast over the previous decade.”