Can Lumber Sustain a Recovery?
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 06 2024
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Source: NASDAQ.COM
Lumber Futures Performance: The CME's physical lumber futures contract saw a significant decline of 22.99% in Q2 and 21.24% in the first half of 2024, closing at $450.50 per 1,000 board feet, with potential for further price drops despite some recent increases.
Interest Rates and Seasonal Trends: The likelihood of a Fed interest rate cut could positively impact lumber prices, but seasonal trends suggest that any recovery in demand may not materialize until spring 2025, keeping prices within a static range for the remainder of 2024.
Analyst Views on WOOD
Wall Street analysts forecast WOOD stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for WOOD is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 76.769
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Current: 76.769
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
