Raymond James Upgrades Rayonier (RYN) to Strong Buy

Raymond James analyst Buck Horne upgraded Rayonier (NYSE: RYN) from Outperform to Strong Buy with a price target of $28.00 (from $26.00).

The analyst commented: "We are upgrading our rating on Rayonier (RYN) to Strong Buy (from Outperform) with an upwardly revised $28 target price (from $26), following the successful merger with PotlatchDeltic at the end of January (ahead of schedule) and upside 4Q25 results further validating strong demand and pricing for RYN’s acreage. Post closing, the combined Rayonier (soon to be renamed) owns over 4.1M acres of prime U.S.-based forestry, a fortress balance sheet, and ~$300M of dry powder to execute highly accretive stock repurchases. Additionally, RYN also now controls Potlatch’s top-10 U.S. based lumber manufacturing platform and a wide assortment of new land/ carbon-solution ventures including utility-grade solar leases, carbon capture & storage (CCS) partnerships, lithium exploration, and carbon-credit offsets — all of which are effectively valued at ZERO at current share prices. And encouragingly, we see mounting evidence lumber prices formed a cyclical bottom in early December, with cash composite pricing ~20% higher over the past nine weeks. With Canadian lumber shipments to the U.S. tracking down 25-30% y/y, additional capacity cutbacks continue to accumulate, and recent winter storms have only added to supply constraints. Most importantly, we remind investors to view Rayonier’s timberland as an alternative “store of value” asset class, a finite resource providing consistent inflation protection with cash flow upside (unlike gold, silver, or bitcoin). At a current implied price of just ~$1,900/ acre pro forma (32% NAV discount) and offering a 4.8% dividend yield, we believe Rayonier now offers the most compelling risk/reward in our housing ecosystem coverage list."

For an analyst ratings summary and ratings history on Rayonier click here. For more ratings news on Rayonier click here.

Shares of Rayonier closed at $22.49 yesterday.

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