UPDATE: BMO Capital Markets Raises PT to $7.50 on Fibria Celulose on Brazilian Currency Appreciation

BMO Capital Markets reiterated its Underperform rating on Fibria Celulose

with a Underperform and raised the price target from $6.00 to $7.50. BMO Capital Markets commented, "We are raising our Fibria earnings estimates to allow for our expected drop in the Brazilian Real versus the U.S. dollar. … We expect an extended price war in eucalyptus pulp owing to new pulp supply. Over the November 2012 to October 2013 period, there is 4.2 million tpy eucalyptus pulp starting up in Brazil." Fibria Celulose closed at $12.61 on Tuesday.