Jefferies Downgrades International Paper (IP) to Hold
Get Alerts IP Hot Sheet
Rating Summary:
9 Buy, 9 Hold, 6 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 11 | New: 43
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Jefferies downgraded International Paper (NYSE: IP) from Buy to Hold with a price target of $47.00 (from $51.00).
Analyst Philip Ng commented, "With IP doubling down on fluff pulp with the WY acquisition as the industry adds 35% of supply the next few years, we believe it increases the volatility in FCF. Additionally, the synergy target appears aggressive and a large portion of the synergies could be offset by lower fluff pulp prices. While shares are admittedly cheap, we are downgrading IP to a Hold and believe the stock could see multiple compression."
For an analyst ratings summary and ratings history on International Paper click here. For more ratings news on International Paper click here.
Shares of International Paper closed at $43.46 yesterday.
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