International Paper (IP) PT Raised to $56 at RBC Capital

RBC Capital analyst Matthew McKellar raised the price target on International Paper (NYSE: IP) to $56.00 (from $52.00) while maintaining a Outperform rating.

The analyst comments "We came away from the Q2 earnings call with a positive view of the strength of management’s conviction in its ability to drive better performance over the medium term through improving reliability, sharpening its focus on customer strategy and investments, and reducing its operating cost base. We think investors will need to be patient given an underwhelming Q324 guide and commentary around three-to-four “choppy” quarters to come, but we view the $4Bn EBITDA target as highlighting enticing potential upside. We reiterate our Outperform rating."

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