BUZZ-European Paper: GS sees pulp stabilization, box prices pressure
** Goldman Sachs upgrades Stora Enso to "buy" as it sees attractive risk-reward post recent underperformance; ups Smurfit to "neutral" and cuts Billerud Korsnas to "sell"
** Broker says that despite abrupt decrease in pulp prices, it continues to see an attractive supply/demand picture in 2019/20, further helped by Chinese buyers' return to the market
** Both Stora and UPM have recently announced capacity conversions/closures and this supplier discipline can help slow down expected price and margin declines, per broker
** GS also believes lower container prices will add downside pressure on box prices and eventually margins/returns