DA Davidson Downgrades Rayonier (RYN) to Neutral; Valuation Call as Share Price Approaches Target
Tweet
Share
E-mailGet Alerts RYN Hot Sheet
Price: $21.57 -0.87%
Rating Summary:
5 Buy, 7 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
5 Buy, 7 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
DA Davidson downgraded Rayonier (NYSE: RYN) from Buy to Neutral. PT $66 (5-Yr/Long-Term PT $75)
DA analyst says, "We are downgrading Rayonier shares as the shares have approached our $66 price target and we lack a catalyst at present to raise the target further. Rayonier shares have appreciated 19% since our January 3rd upgrade, in which we raised our estimates and outlined our bullish stance on Rayonier’s Performance Fibers business, which has been bolstered by rising specialty cellulose prices and robust demand. We expect the Performance Fibers business will report strong sales and earnings growth, but believe this is now properly discounted into Rayonier’s valuation."
"We are maintaining our earnings estimates of $2.65 and $3.00 for 2011 and 2012, respectively, as our outlook for the pulp and forest products industry is largely unchanged since our last update."
For more ratings news on Rayonier click here and for the rating history of Rayonier click here.
Shares of Rayonier closed at $63.96 yesterday.
DA analyst says, "We are downgrading Rayonier shares as the shares have approached our $66 price target and we lack a catalyst at present to raise the target further. Rayonier shares have appreciated 19% since our January 3rd upgrade, in which we raised our estimates and outlined our bullish stance on Rayonier’s Performance Fibers business, which has been bolstered by rising specialty cellulose prices and robust demand. We expect the Performance Fibers business will report strong sales and earnings growth, but believe this is now properly discounted into Rayonier’s valuation."
"We are maintaining our earnings estimates of $2.65 and $3.00 for 2011 and 2012, respectively, as our outlook for the pulp and forest products industry is largely unchanged since our last update."
For more ratings news on Rayonier click here and for the rating history of Rayonier click here.
Shares of Rayonier closed at $63.96 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
- Optimum Communications gets NYSE non-compliance notice over stock price
- Pro Diversity Network (IPDN) Reports Q2 Loss of $0.15
Create E-mail Alert Related Categories
DowngradesRelated Entities
D.A. Davidson, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
