Interfor downgraded to Hold on valuation at TD Securities

TD Securities analyst Sean Steuart downgraded Interfor (IFSPF) to Hold from Buy with a price target of C$23, up from C$21. The North American lumber market is in the early stages of a cyclical recovery, but Interfor is a higher-risk investment than its peers, the analyst tells investors in a research note. The firm cites the company’s recent share price strength and valuation expansion for the downgrade.