Deutsche Bank Downgrades International Paper (IP) to Hold; Backdrop Murkier After Price Hike Announcement

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Deutsche Bank downgraded International Paper (NYSE: IP) from Buy to Hold with a price target of $39.00.

Analyst, Mark Wilde, said, "...IP’s stock has rallied sharply in the past few weeks in anticipation of successful implementation of the $50/ton containerboard price hike. However, with sluggish demand and continued drop in OCC costs, we’re a bit cautious. At the same time, market conditions in IP’s other key businesses (uncoated free sheet, bleached board & market pulp) also appear soft. At current levels, we think the stock is fairly valued."

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 $36.30 yesterday, with a 52 week range of $21.55-$36.50.

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