Rayonier price target raised to $26 from $25 at RBC Capital

RBC Capital analyst Matthew McKellar raised the firm’s price target on Rayonier (RYN) to $26 from $25 and keeps a Sector Perform rating on the shares. The firm is positive on the company’s solid balance sheet, opportunity to achieve what should be relatively straightforward synergies, and flexible capital allocation approach that would seem to present an opportunity for meaningful share repurchases, the analyst tells investors in a research note.