The stock of West Fraser Timber Co. Ltd. (TSE:WFT) gapped down by $0.39 today and has $39.56 target or 9.00% below today’s $43.47 share price. The 5 months technical chart setup indicates high risk for the $3.32 billion company. The gap down was reported on Nov, 9 by Barchart.com. If the $39.56 price target is reached, the company will be worth $298.80M 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 309,877 shares traded hands. West Fraser Timber Co. Ltd. (TSE:WFT) has declined 3.59% since April 5, 2016 and is downtrending. It has underperformed by 8.37% the S&P500.
West Fraser Timber Co. Ltd. (TSE:WFT) Ratings Coverage
Out of 5 analysts covering West Fraser Timber Co. Ltd. (TSE:WFT), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. $80 is the highest target while $40 is the lowest. The $56.40 average target is 29.74% above today’s ($43.47) stock price. West Fraser Timber Co. Ltd. has been the topic of 18 analyst reports since July 22, 2015 according to StockzIntelligence Inc. RBC Capital Markets downgraded West Fraser Timber Co. Ltd. (TSE:WFT) on Friday, June 17 to “Sector Perform” rating. The stock has “Best Ideas List” rating given by RBC Capital Markets on Friday, October 16. RBC Capital Markets maintained the stock with “Sector Perform” rating in Tuesday, October 25 report. The stock of West Fraser Timber Co. Ltd. (TSE:WFT) earned “Outperform” rating by BMO Capital Markets on Friday, January 22. The firm has “Sector Perform” rating by RBC Capital Markets given on Friday, July 22. The firm has “Outperform” rating by Scotia Capital given on Tuesday, October 25.
More news for West Fraser Timber Co. Ltd. (TSE:WFT) were recently published by: Seekingalpha.com, which released: “West Fraser Timber’s (WFTBF) CEO Ted Seraphim on Q2 2016 Results – Earnings …” on July 22, 2016. Fool.ca‘s article titled: “Should You Buy or Avoid West Fraser Timber Co. Ltd. Today?” and published on July 23, 2015 is yet another important article.
West Fraser Timber Co. Ltd. is a Canada integrated wood products firm producing lumber, wood chips, laminated veneer lumber , medium density fiberboard (MDF), plywood, pulp, energy and newsprint. The company has a market cap of $3.32 billion. The Firm has activities in western Canada and the southern United States. It has a 17.28 P/E ratio. The Company’s operating divisions are Lumber, Panels, and Pulp and Paper.
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