Jefferies analyst Philip Ng raised estimates and his price target on Buy-rated International Paper (NYSE: IP) to $56.00 (from $55.00) following Q1 results, saying the stock is finding a bottom and fundamentals inflecting.

Ng comments, "With demand recovering in containerboard and the Russia headwind fairly manageable, especially with the new plants at Ilim running better, we believe the stock has bottomed and should trend higher. Further, with IP staying active on buybacks and likely to raise its dividend meaningfully, we believe the risk reward is compelling and we are reiterating our Buy rating."

The firm bumped FY 2014 EPS from $4.55 to $4.68.

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Shares of International Paper closed at $46.65 yesterday.