Financial Wire

Canfor Downgraded to Sector Perform at RBC

-- Canfor Corp. (CFP.TO) was downgraded to Sector Perform from Outperform at RBC Capital Markets on Thursday.

Analyst Matthew McKellar maintained a price target of $15 on shares of the Vancouver-based forest products company.

"While Canfor has maintained a solid balance sheet and made significant strides in repositioning its lumber business (closing high-cost capacity in BC, investing in the US South and in Sweden) - and to some degree we think this remains under-appreciated by the market - we see relatively better opportunities in our coverage group with Canfor's share price drawing closer to our target, particularly with potential near-term headwinds in Sweden (demand, fiber costs)," McKellar said in a note to clients.

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