RE:Target Pricing...Hamir Patel of CIBC used US $880 average lumber for the rest of 2021, and US $603 lumber in 2022. This was for his $56 price target. (Base case)
His $59 upside price target he expects lumber to average US $615 in 2022.
Lastly his $29 downside scenario PT was US $450-$475 range in 2022.
Lost of upside to this name, the selling can be attributed to housing starts in both US and Canada being down last month. (The report came out today) As well as lumber futures dropping for the past 6 days.
Interfor posted a record quarter in Q1 with prices averaging out to US $1143, this company has proved it can make a lot of money even if lumber isn't at $1600 anymore. I haven't trimmed any of my position and will add to it when lumber prices find a floor.