UPDATE: Bank of America Downgrades Fibria Celulose and Lowers PT from $17 to $10.50

Bank of America has published a report on Fibria Celulose FBR downgrading the stock from Buy to Neutral and lowering the price target from $17 to $10.50. In the report, Bank of America wrote, "The combination of a strong BRL and industry cost pressures translates into lower margins and higher leverage ratios for Fibria and Suzano, underpinning their needs to revamp their balance sheets. We now consider a more appreciated BRL in our model, assuming 1.60 in 2011 (from 1.63) and 1.65 in 2012 (from 1.75)." Bank of America downgraded Fibria from Buy to Neutral with a price target lowered from $17.00 to $10.50. Fibria closed Monday at $8.69.