International Paper reinstated at Neutral from Buy at BofA

BofA reinstated International Paper (IP) with a Neutral rating and $61 price target after the company recently closed on the acquisition of DS Smith in a transaction worth about $13B. Noting that International Paper was rated Buy previously at BofA before the DS Smith transaction was announced and prompted the firm’s recent restriction, the analyst feels that International Paper shares’ risk/reward is “balanced at current valuations.”