Citi analyst Anthony Pettinari lowered the firm’s price target on Rayonier to $36 from $39 and keeps a Neutral rating on the shares. The analyst updated timber real estate investment trust estimates ahead of the Q1 reporting season, reflecting modestly lower lumber and oriented strand board prices, as well as softness in pacific northwest logs. That said, lumber appears to be finding a bottom, says the analyst, who continues to prefer wood products exposure within the group.
Published first on TheFly
