Canfor (TSE:CFP) Shares Pass Above 200 Day Moving Average – What’s Next?

Shares of Canfor Co. (TSE:CFP) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$12.84 and traded as high as C$13.69. Canfor shares last traded at C$13.58, with a volume of 131,425 shares traded.

Analysts Set New Price Targets

CFP has been the subject of a number of research analyst reports. Scotiabank upgraded Canfor from a “strong sell” rating to a “hold” rating and increased their price target for the company from C$13.00 to C$16.00 in a research note on Monday, January 26th. Royal Bank Of Canada decreased their price objective on shares of Canfor from C$16.00 to C$15.00 and set an “outperform” rating for the company in a research report on Thursday, December 18th. Finally, Raymond James Financial raised shares of Canfor from a “moderate buy” rating to a “strong-buy” rating and boosted their target price for the stock from C$15.00 to C$17.00 in a research report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of C$16.20.

Canfor Stock Performance

The company has a quick ratio of 2.14, a current ratio of 2.19 and a debt-to-equity ratio of 21.94. The stock has a market capitalization of C$1.58 billion, a PE ratio of -3.41 and a beta of 2.01. The firm has a 50 day moving average price of C$13.59 and a 200-day moving average price of C$12.84.

About Canfor

Canfor Corp is a softwood lumber company that also owns around half of Canfor Pulp. It is active throughout North America, with lumber mills in British Columbia, Alberta, and the Southeastern United States. It has two reportable segments: Lumber and Pulp and Paper.