The stock of Canfor Corporation (TSE:CFP) gapped down by $0.38 today and has $12.95 target or 7.00% below today’s $13.93 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 $12.95 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 480,291 shares traded hands or 94.75% up from the average. 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 51.69% above today’s ($13.93) stock price. Canfor Corporation has been the topic of 15 analyst reports since August 21, 2015 according to StockzIntelligence Inc. RBC Capital Markets downgraded Canfor Corporation (TSE:CFP) rating on Tuesday, January 12. RBC Capital Markets has “Sector Perform” rating and $18 price target. The rating was upgraded by Dundee Securities to “Buy” on Wednesday, August 31. BMO Capital Markets upgraded the shares of CFP in a report on Friday, January 22 to “Outperform” rating. Scotia Capital maintained Canfor Corporation (TSE:CFP) on Thursday, October 27 with “Outperform” rating. The company was maintained on Thursday, October 27 by RBC Capital Markets. TD Securities maintained it with “Buy” rating and $20 target price in Friday, October 28 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 16.16 P/E ratio. The Firm operates through two divisions: Lumber, and Pulp and Paper.
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