BofA ‘encouraged’ by International Paper investor day

After having attended International Paper’s (IP) investor day, where it gave the Street a first look at expectations for the combined business following the acquisition of DS Smith, BofA tells investors the firm “wouldn’t build all the guidance in just yet” as containerboard markets can be “rough,” but the firm is “encouraged.” However, the firm maintains a Neutral rating and $61 price target on International Paper shares based on the current valuation, the potential for estimates to still shift a bit and macro risks, the analyst added.