Acadian Timber upgraded to Outperformer from Neutral at CIBC

CIBC analyst Hamir Patel upgraded Acadian Timber to Outperformer from Neutral with a price target of C$20, up from C$17. Heading into Q1 earnings season, the firm notes it needed to “ratchet down our estimates on the wood products names (again)” given weaker-than-expected benchmark prices and lower volume/higher cost assumptions following its latest channel checks. However, the firm notes in its upgrade of Acadian within it broader preview for the group that the company has advanced an additional revenue stream from carbon credit sales.