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Sylvamo price target lowered to $49 from $61 at RBC Capital

RBC Capital analyst Matthew McKellar lowered the firm’s price target on Sylvamo (SLVM) to $49 from $61 and keeps a Sector Perform rating on the shares. The stock fell 16% after the company guided Q3 adjusted EBITDA of $145-$165M vs. consensus of $191M, the analyst tells investors in a research note. The one-day move is exaggerated, although it is also challenging to frame out the path to meaningful upside without some rationalization of industry capacity that could put the market in better balance, the firm added.

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