Rayonier Slides on Downgrade

JACKSONVILLE, Fla. ( TheStreet) -- Rayonier ( RYN), a real estate investment trust , bid lower on Tuesday following some unfavorable broker action.

Analysts from Credit Suisse ( CS) cut their rating on Rayonier to underperform, from neutral, citing valuation.

The analysts said Rayonier is a well-run company that has managed its business well but is now overvalued as speculative investors ran up rayon prices.

Rayonier shares fell 1.6% to $56.46 in afternoon trading amid heavier-than-normal trading. Nearly 1 million shares were in play with over an hour left in the session compared with their average daily trading volume of 708,000 shares.

Rayonier was recently listed on TheStreet's list of 10 Top Buy-Rated Real Estate Stocks for 2011 .

The list was based on equity research firm Keefe, Bruyette & Woods' best buy-rated REIT picks for this year.

KBW set a price target of $57 for Jacksonville, Fla.-based Rayonier, an international forest products company which is engaged in activities associated with timberland management, the sale and entitlement of real estate, and the production and sale of high value specialty cellulose fibers and fluff pulp.

Rayonier has a market cap of around $4.5 billion, and a current dividend yield of around 3.8%.

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