RBC Capital Believes Resolute Forest (NYSE: RFP) Still Has Room to Grow

RBC Capital analyst Paul Quinn maintained a Buy rating on Resolute Forest (RFPResearch Report) yesterday and set a price target of $13.00. The company’s shares closed last Thursday at $10.72, close to its 52-week high of $11.59.

According to TipRanks.com, Quinn is a top 100 analyst with an average return of 27.3% and a 70.6% success rate. Quinn covers the Basic Materials sector, focusing on stocks such as Rayonier Advanced Materials, International Paper Co, and West Fraser Timber Co.

Currently, the analyst consensus on Resolute Forest is a Strong Buy with an average price target of $10.59, implying a -5.1% downside from current levels. In a report issued on March 26, TD Securities also upgraded the stock to Buy with a $12.00 price target.

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The company has a one-year high of $11.59 and a one-year low of $1.14. Currently, Resolute Forest has an average volume of 528K.

Based on the recent corporate insider activity of 85 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RFP in relation to earlier this year.

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Resolute Forest Products, Inc. provides forest products. It owns and operates pulp & paper mills, and wood products facilities located in the United States, Canada and South Korea. The company operates its business through the following segments: Newsprint, Specialty Papers, Tissue, Market Pulp and Wood Products. It also produces lumber and other wood products for the residential-construction and home-renovation markets, as well as for specialized structural and industrial applications. Resolute Forest Products was founded on January 25, 2007 and is headquartered in Montreal, Canada.