Citi Upgrades International Paper (IP) to Buy, 'Opportunity for an Overhaul'

Citi analyst Anthony Pettinari upgraded International Paper (NYSE: IP) from Neutral to Buy with a price target of $46.00 (from $36.00).

The analyst comments "We’re upgrading IP to Buy following the naming of Andy Silvernail as CEO; Mr. Silvernail formerly served as CEO of IDEX (2011-20) and joins from KKR, where he was an executive advisor. Since we initiated on IP in 2010, the company has been burdened with an overly complex portfolio and has chronically underperformed, especially vs. Containerboard peer PKG. While outgoing CEO Mark Sutton made major strides in simplifying IP’s portfolio (White Paper spin, China/India/Russia exit, asset sales), we view the job as partly done. Mr. Silvernail is an outsider and a potential change agent, and we see the following Day 1 priorities:"

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 $34.94 yesterday.

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