West Fraser has benefit from strong lumber prices which is why the company's stock is up materially over the past few months - it is one of the world's largest lumber producers after all. While these high prices are expected to persist over the short-term (which will benefit WFG), it is very much a cyclical industry. The company has gone through many peaks and valleys over the years and it is now at all-time highs.
While it still has some room to run, I am always cautious about buying companies at or near all-time highs in notoriously cyclical industries. Usually, the time to buy is in a bear market in anticipation of an eventual rebound. That doesn't mean that WFG doesn't have room to run - it certainly does.
Of note, momentum was stunted a little with renewed tariffs by the US on Canadian softwood again - one of the longest trade disputes between our two countries. WFG is somewhat insulated given its US operations (and it is planning to expand capacity in the US), but still hurts the company and the industry as a whole. An example of macro factor that impacts the entire industry.
Mat