CIBC upgrades Stella-Jones to Outperformer with attractive entry point emerging

As previously reported last night, CIBC analyst Hamir Patel upgraded Stella-Jones (STLJF) to Outperformer from Neutral with a price target of C$86, up from C$83. With guidance having been reset post Q3 results, and shares down 23% since then, the firm sees “an attractive entry point emerging,” the analyst tells investors. The firm believes that producers can hold on to pole price gains accrued since 2021 and expects the company to see stronger near-term pole volumes as it will likely be called upon to meet reconstruction-related demand following the ongoing wildfires in California, the analyst added.