Stella-Jones Inc. (SJ.TO) was downgraded to Neutral from Outperformer at CIBC Capital Markets.

Analyst Samir Patel maintained a price target of $90 on shares of the Canadian wood products company.

"Since mid-January, SJ has been the best-performing name in our coverage universe, with shares rising 23%, while also outperforming Koppers Holdings Inc. (KOP) by 34% and Canadian distributors by ~20%," Patel said in note to clients.

"While we suspect positive momentum in SJ may continue into the upcoming Investor Day on November 20, as the company shares its vision of becoming a multi-material supplier to the utility and railway sectors, we are adopting a more cautious view given potential for increased competition in wood poles (as pricing/mix gains of +55% since 2021 may attract new entrants)," the analyst said.

(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)