Canfor downgraded to Neutral from Outperformer at CIBC

CIBC analyst Hamir Patel last night downgraded Canfor (CFPZF) to Neutral from Outperformer with a price target of C$16, down from C$19. The firm says that with Canfor’s duty rate on its Canadian sawmills likely to “soar” to 46.5% by year-end, it sees greater risk to its earnings than for peers. Spruce pine fir producer pricing power may wane if macro factors continue to deteriorate, the analyst tells investors in a research note.