Globe says Western Forest kept at "outperform"The Globe and Mail reports in its Wednesday edition that earnings uncertainty stemming from the impact of the spread of COVID-19 prompted Raymond James analyst Daryl Swetlishoff to adjust his valuation methodology for Canadian forest products company Western Forest Products. The Globe's David Leeder writes that Mr. Swetlishoff reiterated his "outperform" call. His share target fell to 80 cents from $1.50. Analysts on average target the shares at $1.21. Mr. Swetlishoff says in a note: "While 2020 began with much promise, COVID-19 induced impacts on forest products market demand has weighed heavily on commodities and sector valuations with year-to-date shares down an average of 44 per cent. An examination of asset values reveals current valuations approaching 2007/08 financial crisis levels despite what we would argue as multiple positive differentiators e.g., tree product companies generally maintain solid financial liquidity reserves with limited near term maturities. With very weak commodity demand amid uncertain operating environments we elected to reduce target multiples to the bottom of the historic range. ... We advocate investors with 6-12 month time horizons opportunistically continue to add to positions."