Billerud upgraded to Neutral from Sell at Citi

Citi upgraded Billerud to Neutral from Sell with a price target of SEK 110, up from SEK 87. The cancellation of the Escanaba conversion project lowers uncertainty and the improves the outlook for cashflows, though rescinding the project does leave Billerud with about 25% of sales from graphic paper though, is unfavorable longer term, the analyst tells investors.