Rayonier upgraded to Outperform from Market Perform at Raymond James

Raymond James upgraded Rayonier (RYN) to Outperform from Market Perform with a $31 price target The company announced a successful exit from its multi-decade New Zealand joint venture at favorable pricing, the analyst tells investors in a research note. The firm says Rayonier will soon be positioned as an entirely U.S.-based timber real estate investment trust with a nearly net debt-free balance sheet and over 2M acres of “high-quality” timberland. Raymond James now sees “renewed visibility on multiple paths that could accelerate cash flow growth” at the company.