Stora Enso initiated with a Neutral at JPMorgan

JPMorgan analyst Detlef Winckelmann initiated coverage of Stora Enso with a Neutral rating and EUR 15.90 price target. With energy prices "cooling" and supply chains normalizing, 2023 will be characterized by cost deflation across the product grades, which will result in lower prices and lower margins, the analyst tells investors in a research note. The firm is "most nervous" around segments such as graphic paper and wood products that it expects to be impacted by both falling prices and volumes.