Citi Buys Brazil Pulp

Citi Buys Brazil Pulp

Funds

Citi has upgraded its ratings on Aracruz, Suzano, and VCP to buy from hold and sees the recent pull back as an attractive entry point. "In the short term, we should continue to see volatility due to increased risk aversion and expected lower pulp prices in 2008. However, LT industry fundamentals have not changed, and these companies are well positioned to continue to gain pulp market share globally," says Citi. VCP is the shop's top pick. It estimates that Brazilian pulp producers should trade a

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