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BUZZ-DS Smith: falls in volume on Jefferies downgrade

Reuters - UK Focus

** DS Smith (Other OTC: DITHF - news) falls 3 pct after Jefferies downgrades stock to "hold" from "buy"

** Says paper and packaging co likely to lag into year end after outperformance over peers in Q3

** Also notes rich valuation: trades on 16x FY16 P/E, at a premium to Mondi (LSE: MNDI.L - news) , Smurfit Kappa (LSE: SKG.L - news) and RPC (NYSE: RES - news)

** Third top faller and most traded by average 30-day volumes on Stoxx 600

** Broker also upgrades BillerudKorsnas (Stuttgart: BNF.SG - news) to "buy" from "hold", citing attractive entry point (24 pct EPS upgrades over last year but share 25 pct off year highs)

** Preferred over DS Smith for its 100 pct packaging focus, with paper expected to see demand headwinds

(RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)