Deutsche Bank Upgrades International Paper (IP) to Buy; Sees Bottom in Cyclical Challenges
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Deutsche Bank upgrades International Paper (NYSE: IP) from Hold to Buy. Price target $11.
Deutsche analyst says, "This is not a call on 1Q results. 1Q was likely a very tough volume quarter for IP. Industry shipments were very weak, and IP likely took a disproportionate share of industry downtime in both containerboard and uncoated free sheet. However, we are finally seeing hints of a cyclical bottom. Pulp demand is again strong in China, and the rate of decline in box demand may be easing...We are upgrading the stock from Hold to Buy, based on very modest valuation along most metrics and hints of a bottom in cyclical challenges."
To see more analyst ratings on IP Click Here.
International Paper Company (International Paper) is a global paper and packaging company that is complemented by a North American merchant distribution system, with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa.
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