Western Forest Products (WEF) Stock Price Up 7%
Western Forest Products Inc (TSE:WEF) rose 7% during trading on Wednesday . The stock traded as high as C$2.04 and last traded at C$2.00. Approximately 586,522 shares changed hands during trading, a decline of 24% from the average daily volume of 772,064 shares. The stock had previously closed at C$1.87.
WEF has been the subject of several analyst reports. CIBC lowered their price target on shares of Western Forest Products from C$2.50 to C$2.25 in a research report on Monday, October 15th. Raymond James lowered their price target on shares of Western Forest Products from C$1.60 to C$1.00 in a research report on Monday, October 15th. Scotiabank reiterated an “average” rating and set a C$2.75 price target on shares of Western Forest Products in a research report on Friday, November 9th. Finally, TD Securities lowered their price target on shares of Western Forest Products from C$3.50 to C$3.25 and set a “buy” rating for the company in a research report on Tuesday, August 7th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of C$2.90.
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Western Forest Products Inc operates as an integrated forest products company. The company is involved in timber harvesting, sawmilling logs into specialty lumber, and value-added lumber remanufacturing. It offers lumber and logs from various tree species, such as western red cedar, hem-fir, Douglas fir, yellow cedar, and Sitka spruce.
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