Stella-Jones resumed with a Sector Perform at Scotiabank

Scotiabank analyst Jonathan Goldman resumed coverage of Stella-Jones with a Sector Perform rating and C$89 price target. Stella-Jones, as the leading producer of pressure-treated wood products in North America, should see its main end-markets – Utility Poles and Railway Ties – be beneficiaries of “generational infrastructure spend that is still in early days,” but with the shares up about 70% in the last twelve months and trading near all-time highs, the firm believes most of the upside has already been priced-in, the analyst tells investors.