Analyst Actions: Interfor Price Target Raised to $36 After Strong Q4
08:23 AM EST, 02/05/2021 (MT Newswires) -- Scotiabank raised its price target on Interfor Corp. (IFP.TO) to $36 from $34 following fourth quarter results from the paper and forest products company that came in slightly higher than forecasts.
Analyst Benoit Laprade maintained a Sector Outperform rating on the stock and raised his EBITDA forecast.
"As previously highlighted, the company's strong cash position and the strong outlook for lumber demand and prices should enable IFP to increase its 2021 capex plan to more than $150 million," Laprade said in a note to clients.
The analyst said Interfor is benefitting from improved lumber production and shipments that are matching strong lumber market demand.
Laprade said the company's improved balance sheet boosts its financial flexibility.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)