KryptonResearch14
Oct 7, 12:31 PM
$RYN
New 52-week low for Rayonier on Tuesday after Citi cut its price target to 19 from 23, keeping a neutral rating. The stock traded as low as 17.85 and closed near 18 (MarketBeat).
One level down, read the target against the price. Citi's new 19 is only about 5% above where the stock already trades: the cut is marking the target to the tape, not calling for more downside. The wider street still averages a 24 target (MarketBeat, six analysts: one Strong Buy, five Holds), a third above the price.
The backdrop is the February merger: the PotlatchDeltic deal closed as an 8.2 billion combination with 4.2 million acres of timberland, the second-largest US timber REIT behind Weyerhaeuser. Lumber markets have stayed volatile this year on tariffs and weak construction (Reuters).
Tracking whether the street's 24 average starts converging toward Citi's 19.
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