Scotiabank Has Negative Outlook for Canfor FY2024 Earnings

Canfor Co. (TSE:CFP - Free Report) - Equities research analysts at Scotiabank reduced their FY2024 earnings per share estimates for shares of Canfor in a research report issued on Tuesday, October 29th. Scotiabank analyst B. Isaacson now anticipates that the company will post earnings per share of ($3.95) for the year, down from their prior estimate of ($3.11). Scotiabank has a "Sector Perform" rating and a $19.00 price objective on the stock. The consensus estimate for Canfor's current full-year earnings is $0.40 per share. Scotiabank also issued estimates for Canfor's FY2025 earnings at $0.03 EPS and FY2026 earnings at $1.17 EPS.

CFP has been the subject of several other reports. Raymond James raised Canfor from an "outperform" rating to a "strong-buy" rating and raised their price objective for the stock from C$20.00 to C$28.00 in a research note on Tuesday, October 22nd. BMO Capital Markets reduced their target price on Canfor from C$22.00 to C$20.00 and set a "strong-buy" rating for the company in a report on Tuesday, July 23rd. Royal Bank of Canada increased their target price on Canfor from C$18.00 to C$19.00 and gave the company an "outperform" rating in a report on Monday, July 29th. TD Securities reduced their target price on Canfor from C$22.00 to C$21.00 and set a "buy" rating for the company in a report on Tuesday. Finally, CIBC increased their price objective on Canfor from C$20.00 to C$21.00 and gave the stock an "outperform" rating in a report on Tuesday. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Canfor currently has an average rating of "Buy" and an average price target of C$21.33.

Canfor Price Performance

TSE CFP traded down C$0.13 on Thursday, reaching C$16.61. 217,932 shares of the stock traded hands, compared to its average volume of 200,644. The firm's fifty day simple moving average is C$16.01 and its 200 day simple moving average is C$15.23. The company has a quick ratio of 2.14, a current ratio of 1.99 and a debt-to-equity ratio of 11.97. The company has a market cap of C$1.97 billion, a price-to-earnings ratio of -4.93 and a beta of 2.08. Canfor has a 12 month low of C$13.53 and a 12 month high of C$19.30.

About Canfor

Canfor Corporation operates as an integrated forest products company in the United States, Asia, Canada, Europe, and internationally. It operates in two segments, Lumber, and Pulp and Paper. The company manufactures and sells softwood lumber, remanufactured lumber products, engineered wood, and other lumber-related products, as well as wood chips and pellets; and generates green energy.