UPDATE: Bank of America Lowers PT on Rayonier from $75 to $50

Bank of America has published a research report on Rayonier Inc

lowering the price target. In the report, Bank of America wrote, "We adjust our earnings estimates and price objective for RYN's three-for-two stock split (effected August 24). Our new 2011E, 2012E, and 2013E estimates are $1.97 (was $2.95), $2.20 (was $3.30), and $2.50 (was $3.75), respectively. Our new price objective is $50 (was $75)." Bank of America rated Rayonier a BUY with a price target lowered from $75.00 to $50.00. Bank of America closed Wednesday at $40.52.