Smurfit Westrock initiated with a Buy at UBS

UBS analyst Andrew Jones initiated coverage of Smurfit Westrock (SW) with a Buy rating and $60 price target Smurfit acquired Westrock to turn around its underperforming assets, but over one year in, the expected share re-rating has not yet materialized, the analyst tells investors in a research note. The firm believes Smurfit Westrock has been conservative in communicating the long-term upside from the turnaround. UBS believes potential self-help beyond the synergy target is not priced into the shares.