Rayonier

RYN · NYSE

$18.81+$0.12 (+0.64%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $18.69

RYN analyst rating

HoldConsensus of 5 analysts over the last 12 months. 20% rate it a buy.

Strong buy1
Buy0
Hold4
Underperform0
Sell0

12-month price target · 7 analysts

Average $26.52 (+41.0% upside)

Low: $23.23
Now: $18.81
High: $33.60

Upgrades and downgrades

The latest rating actions, newest first

RYN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Oct 16, 2026	Maintains	Sector Perform	$24.00 → $20.00	28%
Truist Securities	Oct 12, 2026	Maintains	Hold	$24.00 → $22.00	46%
Citigroup	Oct 5, 2026	Maintains	Neutral	$23.00 → $19.00	54%
Citigroup	Aug 10, 2026	Maintains	Neutral	$22.00 → $23.00	54%
Truist Securities	Jul 15, 2026	Maintains	Hold	$25.00 → $24.00	46%
BMO Capital	May 19, 2026	Maintains	Market Perform	$26.00 → $25.00	63%
Citigroup	May 13, 2026	Maintains	Neutral	$24.00 → $22.00	54%
Truist Securities	May 11, 2026	Maintains	Hold	$24.00 → $25.00	46%
RBC Capital	Feb 17, 2026	Maintains	Sector Perform	$25.00 → $26.00	28%
Raymond James	Feb 13, 2026	Upgrade	Outperform → Strong Buy	$26.00 → $28.00	62%

The case for and against

Updated Oct 23, 2025

Bull case

Rayonier's positive outlook is supported by a 3% year-over-year increase in average delivered pulpwood prices, which have reached $30.05 per ton, attributed to improved supply and demand dynamics. Additionally, the company has seen a 7% year-over-year rise in average delivered prices for domestic sawtimber, now at $90.58 per ton, driven by strong domestic demand and favorable geographical factors. Management anticipates further enhancements in U.S. lumber production and timber pricing in the latter half of 2025 due to impending increases in softwood lumber duties on Canadian imports.

Bear case

Rayonier's average pine sawtimber and pulpwood stumpage realizations decreased by 16% and 17% year-over-year, respectively, driven by reduced demand from Southern sawmills and pulp mills, along with an influx of salvage timber and an unfavorable geographic mix. The company has revised its 2025 capital expenditures guidance downward from $72-77 million to $52-56 million, reflecting a significant reduction in expected investments. Furthermore, Rayonier's projected Adjusted EBITDA for Q2 2025 has been dramatically lowered to $30-40 million, down from an earlier estimate of $57.4 million, which indicates deteriorating financial expectations for the upcoming quarters.

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