) to its recommended list; the stock was previously rated market outperform.
Analyst Mark Weintraub says the stock offers a very attractive risk/reward in a tumultuous market. He cites the company's high intrinsic worth with an estimated private market value of $75+. Weintraub notes the company makes money throughout the cycle, generating $5+ per share in free cash flow despite current weak conditions. He also says Rayonier's pulp business is at a cyclical low. He adds that the company has a 3.1% yield, a strong free cash flow backed by hard assets (mostly timberlands) endowed with growing resource (trees), and that Rayonier benefits from the weaker dollar. Weintraub sees $2.15 2002 earnings per share and $2.90 for 2003.