The Globe and Mail reports in its Friday edition that TD Cowen's Sean Steuart lowered his estimates for Canadian paper and forest products companies, citing rising recession risks and "inconsistent momentum" ahead of earnings season. The Globe's David Leeder writes that accordingly, Mr. Steuart lowered his share target for West Fraser Timber to $99 (U.S.) from $110 (U.S.). He continues to rate the shares "buy." Analysts on average target the shares at $102 (U.S.). Mr. Steuart says in a note: "Our Q1 estimates are below consensus forecasts for most names as a slowdown in volumes toward quarter-end coincided with higher input and operating costs. We have adjusted estimates to reflect an expectation of incremental tariffs applied to U.S. imports of Canadian lumber (mitigated by higher lumber prices) and lower 2026 commodity price forecasts for most products outside lumber. We expect weaker sequential (q/q) Q1 results for five of nine equities in our coverage set. In most cases, our Q1 forecasts are below consensus estimates (no notable upside outliers). We expect that negative developments (volume pressure, operating cost inflation, planned maintenance/start-up costs, lower OSB prices) will offset tailwinds."