Canfor price target lowered to C$19 from C$21 at CIBC

CIBC lowered the firm’s price target on Canfor (CFPZF) to C$19 from C$21 and keeps an Outperformer rating on the shares. The move largely reflects a less robust housing outlook for 2025/2026. Heading into 2025, CIBC generally continues to favor the packaging names over wood/building products. With limited signs of renovation spending rebounding this year given stubbornly high mortgage rates, the firm has tempered its demand expectations for wood products in 2025.