MARKET TALK: Morgan Stanley Raises UPM-Kymmene Target Price

2nd Aug 2010 07:49

0649 GMT [Dow Jones] Morgan Stanley raises UPM-Kymmene (UPM1V.HE) target to EUR12.90 from EUR12.10 and retains overweight rating. "It has the highest exposure to graphic paper and we expect at least some of the announced fine paper price increases to stick with industry operating rates above 90% and it has a more positive risk-reward than Stora (STERV.HE)". Lifts fine paper forecasts by 2%-7% for '10-'11 after the announced price increases from Sappi (SPP), Mondi (MNDI.LN) and Burgo and cuts pulp forecast by 3% for '10. Shares closed at EUR11.14. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires August 02, 2010 02:49 ET (06:49 GMT)