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STOCKS NEWS EUROPE- DS Smith falls on BoFA ML rating downgrade

Reuters - UK Focus

Shares in British recycled packaging provider DS Smith (LSE: SMDS.L - news) fall as much as 4.3 percent after Bank of America Merrill Lynch downgrades its stance on the stock to "neutral" from "buy".

"Our downgrade of DS Smith to neutral reflects a change in the risk profile of European testliner markets, high valuation multiples relative to our coverage and a lack of relative upside potential to our revised price offer of 340 pence," Bank of America Merrill Lynch analysts say in the note to clients.

Oriel Securities analyst Hector Forsythe says the stock has reacted to the downgrade by Bank of America Merrill Lynch, but adds: "We would argue that it is not fair to group DS Smith with all pulp and paper, and hence continue with a 'buy' rating on the stock."

The company's shares are down 2.9 percent at 1133 GMT.

Reuters messaging rm://aashika.jain.thomsonreuters.com@reuters.net