Suzano upgraded to ‘buy’ by Bank of America

Bank of America has upgraded Suzano S.A. from a ‘neutral’ rating to a ‘buy’ rating. The brokerage also raised its price target for the stock from $10.00 to $13.00, suggesting a potential upside of approximately 48% from recent trading levels.

The upgrade reflects a positive outlook regarding an expected recovery in the pulp market. This follows Suzano’s second-quarter financial results, in which the company reported an adjusted earnings per share of $0.2822, exceeding the consensus estimate of $0.2501.