Rayonier Advanced Materials price target raised to $9 from $7 at RBC Capital

RBC Capital analyst Matthew McKellar raised the firm’s price target on Rayonier Advanced Materials to $9 from $7 and keeps an Outperform rating on the shares after its Q2 earnings beat. A $10M benefit related to the Canada Emergency Wage Subsidy was unexpected and supported the stronger quarter, and the firm continues to see good upside potential for the company if it is able to execute a successful refinancing and a sale of its Paperboard and HY Pulp business, the analyst tells investors in a research note.