UPDATE: D.A. Davidson Downgrades Rayonier to Neutral
In a report published Monday, D.A. Davidson & Co. downgraded its rating on Rayonier (NYSE: 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.
Latest Ratings for RYN
|Sep 2016||Buckingham Research||Downgrades||Buy||Neutral|
|Jan 2016||BMO Capital||Upgrades||Market Perform||Outperform|
|May 2015||DA Davidson||Upgrades||Neutral||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.