RBC Capital lowered the firm’s price target on Rayonier (RYN) to $24 from $26 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q1 results for Paper and Forest Products names. Lumber price momentum coming off the lows of late last year is encouraging, though the firm notes that its top ideas in the space remain large and liquid North American-focused names with undemanding valuations, reflecting demand uncertainty, the analyst tells investors in a research note.
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