Research Analysts Issue Forecasts for Canfor Q3 Earnings

Canfor Co. (TSE:CFP) – Research analysts at Scotiabank decreased their Q3 2024 earnings per share estimates for shares of Canfor in a research note issued on Tuesday, October 22nd. Scotiabank analyst B. Isaacson now forecasts that the company will earn ($1.10) per share for the quarter, down from their previous estimate of ($0.85). Scotiabank currently has a “Sector Perform” rating and a $19.00 target price on the stock. The consensus estimate for Canfor’s current full-year earnings is $0.40 per share.

Canfor (TSE:CFP) last posted its earnings results on Thursday, July 25th. The company reported C($1.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C($0.17) by C($1.25). The company had revenue of C$1.38 billion for the quarter, compared to analyst estimates of C$1.42 billion. Canfor had a negative return on equity of 9.65% and a negative net margin of 7.39%.

Other equities research analysts have also recently issued research reports about the company. Royal Bank of Canada boosted their price objective on Canfor from C$18.00 to C$19.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Raymond James upgraded Canfor from an “outperform” rating to a “strong-buy” rating and boosted their price target for the company from C$20.00 to C$28.00 in a research note on Tuesday. TD Securities lowered their price objective on Canfor from C$20.00 to C$19.00 in a research report on Tuesday, July 23rd. BMO Capital Markets dropped 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. Finally, CIBC upped their price target on shares of Canfor from C$17.00 to C$19.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. One analyst has rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of C$20.67.

Canfor Stock Down 1.7 %

Shares of CFP opened at C$16.60 on Thursday. The firm has a market cap of C$1.97 billion, a P/E ratio of -4.93 and a beta of 2.08. The company has a debt-to-equity ratio of 11.97, a quick ratio of 2.14 and a current ratio of 1.99. Canfor has a 52 week low of C$13.41 and a 52 week high of C$19.30. The firm’s 50-day simple moving average is C$15.76 and its 200 day simple moving average is C$15.18.

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.