Stifel upgraded International Paper (IP) to Buy from Hold with an unchanged price target of $57.80. The firm says the “original exuberance” priced into the shares following Andy Silvernail’s appointment as CEO has been replaced by more realistic expectations. The company is taking “tangible actions,” including the $1.5B disposal of the “weak performing” Global Cellulose Fiber operations, the analyst tells investors in a research note. Stifel believes International Paper is approaching a “pivot point for the strategic rethink to deliver profit and margin improvement.”
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