** J.P.Morgan expects Nordic forestry firms to flag muted
pricing outlook in their Q4 reports, even though it notes slight
improvement in demand prospects
** The broker says it still sees room for pulp prices to
soften, and expects no significant price increases in carton
board
** While JPM predicts Q4 EBIT for UPM UPM.HE , Svenska
Cellulosa SCA SCAb.ST , and Stora Enso STERV.HE at about
7-16% below consensus, it expects investors to focus more on
demand and pricing outlook
** The broker forecasts further recovery in EBIT for UPM
("overweight") and continued cost improvement from Paso de los
Toros; raises TP by 5% to 40.4 euros
** It sees another difficult quarter for Stora Enso
("overweight") and expects the company's outlook to be
conservative due to its large exposure to consumer board
** The broker expects a mixed guidance from SCA ("neutral")
and a lower EBIT q/q, but still sees the company as
"attractively placed for long-term growth"
(Reporting by Elsa Ohlen)
((elsa.ohlen@thomsonreuters.com;))