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UPDATE: J.P. Morgan Upgrades Fibria Celulose to Overweight on Weaker BRL Outlook


In a report published Wednesday, J.P. Morgan analyst Lucas Ferreira upgraded the rating on Fibria Celulose (NYSE: FBR) from Neutral to Overweight, and raised the price target from $12.00 to $14.00.

In the report, J.P. Morgan noted, “We like Fibria's disciplined approach toward capacity growth and focus on deleveraging, and we estimate the company should generate a 5-7% FCF yield in the next two years. Fibria's efforts to reduce costs, SG&A, and capex and to improve capital structure have been remarkable, in our view, and we should continue to see deleveraging. Despite our relatively cautious approach to pulp prices, our Overweight rating is supported by our belief that Fibria is the cheapest and most effective vehicle to add exposure to a weaker BRL outlook within LatAm Forestry.”

Fibria Celulose closed on Tuesday at $11.22.

Latest Ratings for FBR

Jan 2018Goldman SachsDowngradesNeutralSell
Dec 2017Credit SuisseDowngradesOutperformNeutral
Aug 2017CitigroupUpgradesNeutralBuy

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