Rayonier Advanced Materials price target lowered to $4 from $4.40 at BofA

BofA lowered the firm’s price target on Rayonier Advanced Materials to $4 from $4.40 and keeps an Underperform rating on the shares. The analyst says “destocking bad news” continues to hit the packaging, paper and forest product stocks, even one year after the retail inventory reduction trend and headlines that began in Q2 of 2022. However, wood/ and timber improved with the upward move in housing, the analyst tells investors in a research note.