GS aloittaa seurantoja, UPM ‘Neutral’, Stora ‘Sell’ (8,0€)
Goldman’s most bearish call is Stora Enso, where an €8.0 target implies 16% downside. The brokerage is 12-17% below consensus on 2026-27 EBITDA, arguing that the company’s new 750,000-tonne Oulu consumer board’ mill will ramp up just as Chinese export volumes divert to Europe following U.S. tariffs.
" With the US market largely insulated by the introduction of new tariffs, we believe a significant portion of these exports will flow to Europe, exerting additional pressure on the market," Goldman analysts said.
Stora trades at 8.7x 2026/27 EV/EBITDA, a 12% premium to its historical average, which Goldman described as stretched.
Among neutral-rated stocks, UPM trades 13% above its historical average with cost-curve exposure to softwood pulp;