GS sees pulp markets' positive momentum to fade into oversupplied market

Smurfit WestRock

24/03/2026 08:38

** Goldman Sachs expects "short-term positive momentum to fade into a medium-term over-supplied market" for the pulp market

** This makes the broker to prefer more defensive and stable earnings from downstream names and be more cautious on upstream pulp operators

** GS initiates Swiss packaging firm SIG Group SIGNC.S at "buy", saying it has de-rated and provides an entry point to a consolidated packaging market

** It also starts peer Smurfit Westrock SWR.L at "buy", highlighting its U.S. market exposure and synergy potential after WestRock merger

** Brokerage starts Finnish timber producer Stora Enso STERV.HE at "sell" as its European consumer board ramps up in a challenging market more than offsetting falling wood costs

** GS initiates Mondi MNDI.L, UPM-Kymmene UPM.HE, and SCA SCAb.ST at "neutral"

 (Reporting by Vera Dvorakova)

 ((vera.dvorakova@thomsonreuters.com))