JPMorgan upgraded Suzano to Overweight from Neutral with a price target of R$69.50, up from R$50. The firm revised upward its medium and long term estimates for pulp prices. With the new curve, it upgraded Suzano to Overweight based on the positive impact of higher pulp price curve, especially in the medium term, and the anticipation of Cerrado project to June 2024. The analyst sees valuation support at current share levels.
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