UPDATE: D.A. Davidson Downgrades Rayonier to Neutral

In a report published Monday, D.A. Davidson & Co. downgraded its rating on Rayonier RYN from Buy to Neutral. D.A. Davidson noted, “At the risk of repetition, it is worth noting that Rayonier has not only been the best performing Timber REIT over the past five and ten years, also the only one that remains below our 12-18 month target. This, coupled with the company's dividend growth history (a 2013 hike would not come as a surprise), as well as the benefits of the Jessup Specialty Cellulose expansion which should become apparent in 2014, explain why Rayonier remains the most interesting member of the group. As always, investors should remain nimble to exploit opportunities the market might provide.” Rayonier closed on Friday at $53.85.