The stock of Canfor Corporation (TSE:CFP) gapped down by $0.41 today and has $12.97 target or 7.00% below today’s $13.95 share price. The 7 months technical chart setup indicates high risk for the $1.84 billion company. The gap down was reported on Nov, 9 by Barchart.com. If the $12.97 price target is reached, the company will be worth $128.80 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 162,880 shares traded hands. Canfor Corporation (TSE:CFP) has declined 11.88% since April 5, 2016 and is downtrending. It has underperformed by 16.66% the S&P500.
Canfor Corporation (TSE:CFP) Ratings Coverage
Out of 6 analysts covering Canfor Corporation (TSE:CFP), 5 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 83% are positive. $31 is the highest target while $16 is the lowest. The $21.13 average target is 51.47% above today’s ($13.95) stock price. Canfor Corporation has been the topic of 15 analyst reports since August 21, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating by Dundee Securities given on Wednesday, August 31. The rating was maintained by TD Securities on Friday, October 28 with “Buy”. On Friday, January 22 the stock rating was upgraded by BMO Capital Markets to “Outperform”. As per Tuesday, January 12, the company rating was downgraded by RBC Capital Markets. The stock of Canfor Corporation (TSE:CFP) earned “Sector Perform” rating by RBC Capital Markets on Thursday, October 27. Scotia Capital maintained it with “Outperform” rating and $19.75 target price in Thursday, October 27 report.
More notable recent Canfor Corporation (TSE:CFP) news were published by: Seekingalpha.com which released: “Canfor Corp’s (CFPZF) CEO Don Kayne on Q3 2016 Results – Earnings Call Transcript” on October 30, 2016, also Fool.ca with their article: “Why Did Canfor Corporation Drop 50% in 9 Months?” published on April 01, 2016, Fool.ca published: “Billionaire Jim Pattison Owns 58 Million Canfor Corporation Shares: Should You …” on February 01, 2016. More interesting news about Canfor Corporation (TSE:CFP) were released by: Seekingalpha.com and their article: “Canfor Corp’s (CFPZF) CEO Don Kayne on Q1 2016 Results – Earnings Call Transcript” published on April 30, 2016 as well as Stockhouse.com‘s news article titled: “IIROC Trade Halt – Canfor Corporation” with publication date: July 11, 2016.
Canfor Corporation is a Canada-based integrated forest products company. The company has a market cap of $1.84 billion. The Firm is engaged in the production of softwood lumber, pulp and paper products, remanufactured lumber products, engineered wood products, wood pellets and energy. It has a 16.18 P/E ratio. The Firm operates through two divisions: Lumber, and Pulp and Paper.
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