UPDATE: Canaccord Genuity Downgrades Resolute Forest Products to Hold on Limited Upside
Canaccord Genuity downgraded Resolute Forest Products (NYSE: RFP) from Buy to Hold and maintained a $14.00 price target.
Canaccord Genuity said, "With the share price increasing approximately 30% since mid-November and just a 3% return implied to our target price, we are downgrading the shares to HOLD (from Buy) on share price appreciation and maintaining our US$14.00 target price. While we view the sawmill announcement as a positive move for the company, a recent decline in newsprint prices and uncertainty in some of its end markets causes us to take a neutral stance following the increase in the share price."
Resolute Forest Products closed at $13.64 on Thursday.
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