- RBC Capital analyst Paul C. Quinn has upgraded the ratings on Rayonier Advanced Materials Inc (NYSE:RYAM) to Outperform from Sector Perform and lowered the price target to $5 (an upside of 60%) from $6.
- While the unexpected management changes have weighed significantly on the company’s share price, the analyst believes RYAM should benefit from continued strength in pulp pricing.
- The analyst thinks Rayonier Advanced has time to improve operations before its 5.5% Senior Notes maturity in June 2024.
- Quinn expects RYAM will meet its 2022 guidance of EBITDA with solid 2H22 operating results.
- Price Action: RYAM shares are trading higher by 10.99% at $3.13 on the last check Monday.
Nasdaq Tumbles Over 100 Points; GM Shares Gain On Earnings Beat
U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite falling more than 100 points on Tuesday.
The Dow traded up 0.23% to 38,421.03 while the NASDAQ fell 0.88% to 15,490.48. The S&P 500 also fell, dropping, 0.12% to 4,921.94.
