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UPDATE: Citigroup Upgrades Fibria Celulose to Neutral on Balanced Risk/Reward

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Citigroup raises its price target on Fibria Celulose (NYSE: FBR) from Sell to Neutral (both high risk), but reduces its price target from $8.30 to $7.10.

Citigroup says, "With Fibria shares down 25% YTD (vs -12% for the MSCI Brazil) we believe current valuations (7.4x EV/EBITDA) are correctly reflecting our cautious outlook for pulp fundamentals. We find less downside risk at current levels as the recent weakness in the BRL should provide support to earnings in the coming quarters; however, we do not yet feel compelled to build a position in FBR given 1) the expected pressure in pulp prices during 2H12 and 2) Fibria's stretched balance sheet."

FBR closed at $6.01 on Monday.

Latest Ratings for FBR

DateFirmActionFromTo
Jul 2014Bank of AmericaDowngradesBuyNeutral
May 2014JP MorganMaintainsOverweight
Oct 2013Goldman SachsUpgradesNeutralBuy

View More Analyst Ratings for FBR
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

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