CIBC Capital Markets lowered its price target on West Fraser Timber Co. Ltd. (WFG.TO) to $119 from $122.

Analyst Hamir Patel maintained an Outperformer rating on shares of the Canadian forestry company.

"While near-term commodity price (and potential tariff) headwinds for wood products may weigh on the Canadian LumberCos (including WFG), we are maintaining out Outperformer rating on West Fraser while moderating our price target... on lower estimates," Patel said in a note to clients.

"At only 3.4x mid-cycle EBITDA ($1.6 Billion), WFG trades at a steep discount to its historical average of approximately 5.25x, and at an unusually large forward multiple discount to US peer, Louisiana-Pacific Corp. (LPX)," the analyst said.

"With its low-cost position in both lumber and OSB, and strong balance sheet, WFG is well positioned to navigate challenging wood products markets."

(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)