BofA downgraded Suzano to Neutral from Buy with a price target of $11, down from $15. The firm, which revised its long-term pulp price assumption from $600/t to $550/t to reflect a reassessment of the industry's structural fundamentals, downgraded Suzano to reflect its high sensitivity to pulp prices amid a more cautious long-term commodity outlook and signs that the current upcycle is approaching its end.
