April 17, 2019 / 12:10 PM / 6 months ago

BUZZ-TD downgrades Western Forest Products to 'hold' on conservative earnings outlook

** TD Securities lowers lumber producer to ‘hold’ from ‘buy’ and its PT to C$2 from C$2.25

** Lowers earnings forecast in tandem with “more conservative” lumber price estimates and higher British Columbia Coast fibre cost forecasts

** Brokerage notes that Western Red Cedar, Japan specialty, and niche grades comprised 73% of WEF’s 2018 lumber sales; says prices of many of these high-value grades remain under pressure in early-2019

** Shift to a neutral stance reflects lack of apparent near-term earnings catalysts - TD

** Stock up ~2% YTD (Reporting by John Benny in Bengaluru)

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