Rayonier price target raised to $34 from $33 at Truist

Truist raised the firm’s price target on Rayonier to $34 from $33 and keeps a Hold rating on the shares as part of a broader research note previewing 2024 for Packaging and Paper names. Destocking appears to have largely concluded in containerboard and labels, and is likely to end in boxboard in early 2024 and glass and plastic by the end of the second half of 2024, the analyst tells investors in a research note. Should inflation continue to moderate and barring a recession, consumer demand may ultimately drive increased volumes across packaging and paper, Truist added.