Rayonier price target raised to $34 from $32 at RBC Capital

RBC Capital raised the firm’s price target on Rayonier to $34 from $32 and keeps a Sector Perform rating on the shares. The company stands to benefit from a backdrop of strong interest in North American timberlands, including as it relates to its $1B asset monetization program, but the firm also sees better relative opportunities elsewhere in its coverage space given Rayonier’s premium valuation, the analyst tells investors in a research note.