Mercer price target lowered to $4 from $5 at CIBC

CIBC lowered the firm’s price target on Mercer (MERC) to $4 from $5 and keeps a Neutral rating on the shares, to reflect weaker estimates for wood products. CIBC’s expected total return for Mercer is higher than several of Outperformer-rated peers, but the firm believes that “given limited share price liquidity and greater volatility” in Mercer’s share price, it believes “a much higher return is necessary on the pulp equity to warrant a more constructive rating.”