On Thursday, RBC Capital Markets adjusted its outlook on Rayonier Advanced Materials (NYSE:RYAM), increasing the shares price target to $10.00 from the previous $9.00. The firm has reaffirmed its Outperform rating on the shares of the chemical company.
The revised price target follows a series of meetings hosted by RBC Capital between Rayonier (NYSE:RYN) Advanced Materials' top executives and investors. These meetings included discussions with De Lyle Bloomquist, President and CEO, and Cody LaCoste, Investor Relations Manager. The interactions provided RBC Capital with insights into the company's current initiatives and future plans.
RBC Capital's analyst expressed a positive view of Rayonier Advanced Materials' ongoing efforts to refinance its 2026 notes. The company's strategy concerning Biomaterials also contributed to the analyst's optimistic stance. These factors have led to the decision to raise the price target.
The analyst's note summarized the key takeaways from the discussions with Rayonier Advanced Materials' management. It highlighted the company's progress in its financial strategies and product development, which have been well-received by investors.
The stock's new price target of $10.00 reflects RBC Capital's confidence in Rayonier Advanced Materials' direction and potential for growth. The Outperform rating suggests that the firm anticipates the company's stock to perform better than the average returns of the market or sector over the next 12 months.
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