Sylvamo downgraded at BofA in packaging, paper and forest shake-up

BofA analyst George Staphos downgraded Sylvamo to Neutral from Buy with a price target of $58, up from $56, as he reset his positioning in packaging, paper and forest products ahead of 2023. He cited the stock’s proximity to his price target as well as supply/demand challenges he sees in the containerboard and uncoated free sheet areas.