JPMorgan analyst Detlef Winckelmann upgraded Smurfit Kappa to Overweight from Neutral with a price target of EUR 36, down from EUR 38. Testliner prices are at or close to the bottom as costs are starting to support prices, the analyst tells investors in a research note. The analyst thinks de-stocking should improve in the second half of 2023 and that risks are priced into the shares.
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