135 infrageneric taxa of epiphytic lichen were found in 20 stands of tree-line forests of the Central-Eastern Italian Alps. Three forest types were considered: (1) late successional stands with several large trees, (2) pioneer stands on abandoned pastures without large trees, and (3) open and grazed stands. They were compared on the basis of four main criteria: (1) species richness, (2) number of rare species, (3) number of species that are exclusive to the subalpine belt in Italy, and (4) number of species that are exclusive to the Alps in Italy. Species richness is higher in the late successional stands, which also host a higher share of rare and exclusive species. The total number of rare species per site is correlated with the total number of species, as well as with the number of common species, and with the total number of macrolichens. Rare macrolichens are correlated with common macrolichens. Two main groups of target species with decreasing conservation priority are identified. Letharia vulpina is suggested as signal species for sites worthy of conservation. The guild of macrolichens may be used as an indicator of both species richness and of the occurrence of rare species.