BMO 12:12 PM EDT, 05/02/2022 (MT Newswires) -- BMO Capital Markets on Monday reiterated its outperform rating on the shares of West Fraser Timber (WFG.TO) and its US$112.00 price target after the forest-products company reported record first-quarter results.
"Record Q1 and just ahead of BMO Research. Adjusted EBITDA of $1,592mm. BMO = $1,567mm. Consensus = 1,593mm. Euro EWP drove the upside," analyst Mark Wilde noted. "WFG is returning a lot of cash. WFG repurchased $233mm worth of shares (2.574mm shares) under NCIB and announced Modified Dutch Tender. Balance sheet is very healthy with $1.29B of net cash. Increasing our estimates. Prices bottomed much higher than expected. Maintain Outperform rating and $112 target price."
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 114.85, Change: +1.94, Percent Change: +1.72