UPM shares rise after earnings beat, end of destocking

** Shares in Finnish forestry firm UPM UPM rise 4% after it beat earnings expectations in Q1

** Its comparable EBIT of EUR 333 million came in ahead of the IBES estimate of EUR 263.9 million, guidance remained unchanged

** UPM also flagged that destocking was largely over

** J.P.Morgan notes a slight surprise that the guidance has not been revised higher, given the extent of the beat, and expects guidance upgrades closer to the Q2 announcement

** Jefferies echoes the comments and says it expects a debate whether the H1 guidance looks conservative post Q1

** UPM stock heads towards its best day since October 2023, if gains hold

** Peer Stora Enso STEAV falls 0.4%, after initially rising as much as 7.1%, after Q1 earnings beat