International Paper price target lowered to $40 from $44 at Truist

Truist lowered the firm’s price target on International Paper (IP) to $40 from $44 and keeps a Buy rating on the shares. North America box volumes increased 2.5% y/y vs. the industry at down 0.3% y/y, with the company anticipating 3.0% y/y growth in Q2, the analyst tells investors in a research note. Truist adds that while there are lots of moving pieces to the investment story, including elevated costs and challenging macro due to the Iran War, cost cutting and right-sizing in EMEA – the firm believes that the company could be better positioned early next year.