Subscribe Login
Packaging And Design

Smurfit Kappa Shares Fall By 2.4% In Early Trading

By Donna Ahern
Smurfit Kappa Shares Fall By 2.4% In Early Trading

Shares in Smurfit Kappa fell as much as 2.4% to €26.83 in Dublin in early trading as analysts in Goldman Sachs 'downgraded their rating on the cardboard box-making giant’s stock on valuation grounds' following a strong performance so far this year.

Goldman Sachs analyst, including Kevin Hellegard, reduced its recommendation on the stock to ‘neutral’ from ‘buy’ and lowered his share price target by €1 to €29, according to

“We downgrade Smurfit Kappa to neutral from buy on recent outperformance post containerboard price increases and market expectations of margin expansion,” the Goldman Sachs analysts said.

The Dublin-based paper packaging group’s stock reportedly had risen almost 24% so far this year, making it the second biggest gainer on the Iseq 20 index, marginally behind aviation group Ryanair.

In February, 'the group posted a better-than-expected 5% increase in 2016 earnings before interest, tax, depreciation and amortisation to €1.24 billion'.

© 2017 - Checkout Magazine by Donna Ahern


Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.