Rayonier: Investor Day Does Not Alter Our Long-Term Outlook; Shares Fairly Valued

No-moat-rated Rayonier held its investor day on Feb. 28 and offered updates on its operations and long-term outlook. Rayonier continues to navigate a challenging operating environment as weak housing and repair and remodel markets have weighed on timber demand and prices. That said, we expect single-family housing markets to recover over the next few years while demand for timberland has remained strong as investors seek alternative investments. The outlook provided on investor day does not alter our long-term outlook, and we maintain our $35 fair value estimate.