Wells Fargo upgraded International Paper (IP) to Overweight from Equal Weight with a price target of $39, up from $38. The firm sees a favorable risk/reward following the Q1 earnings selloff. The stock’s 19% decline year-to-date does not give International Paper credit for its completed “self-help” initiatives or upcoming spinoff, the analyst tells investors in a research note. Wells believes the company has made “step-change improvements” over the past two years, particularly in North America.
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