West Fraser Timber was +3.9% in Wednesday’s trading as Raymond James upgraded shares to Outperform from Market Perform with a $75 price target, bumped up from $70, as Canadian lumber producers are set up for a stronger 2026 after many names are trading at or near all-time-low valuations. Raymond James analyst Daryl Swetlishoff said 2025 marked the trough of a four-year downturn in forest products, but the risk-reward has shifted to the upside with valuations at historic lows and supply tightening due to mill curtailments, restricted Canadian harvesting and limited US imports. Potential U.S. housing policy changes ahead also could improve affordability and lift lumber demand, and depressed share prices may encourage consolidation in the industry as cash-rich buyers look for deals, Swetlishoff said. Against such a backdrop, Swetlishoff also upgraded Canfor and Interfor to Strong Buy from Outperform.