BMO Capital lowered the firm's price target on Rayonier to $25 from $26 and keeps a Market Perform rating on the shares. The company continues to trade at a meaningful discount to underlying private market timberland values, particularly in the U.S. South, though in the absence of clear near-term catalysts to drive a recovery in southern timber pricing, and with timber EBITDA expected to remain flat to down, the firm sees limited drivers for that valuation gap to narrow, the analyst tells investors in a research note.
