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NEW YORK (TheStreet) -- Rayonier Advanced Materials Inc. (RYAM) was upgraded to "outperform" from "sector perform" at RBC Capital. The price target was lowered to $10.

"Given the recent collapse in RYAM's share price, we now see limited downside to RYAM's current share price and would not be surprised by a favorable stock bounce on the near-term outcome of the contract litigation with Eastman Chemical Co. (EMN) ," RBC said in a note.

Rayonier is a cellulose fiber maker based in Jacksonville, Fl. The company filed an 8-K on August 18 on a dispute with Eastman over a supply agreement. They are disputing a meet-or-release provision in a contract, according to Bloomberg.

Since the filing, Rayonier's share price has fallen 52.9%, RBC said. The firm expects limited further downside for the rest of the year.

Shares of Rayonier were up 1.25% to $6.51 in early morning trading on Friday.

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