Citi upgraded International Paper to Buy from Neutral with a price target of $46, up from $36. The naming of Andy Silvernail as CEO brings “opportunity for an overhaul,” the analyst tells investors in a research note. While outgoing CEO Mark Sutton made “major strides” in simplifying the company’s portfolio, the job is only partly done, and Silvernail is an outsider and potential change agent, says the firm. It sees the new CEO’s day one priorities as divesting underperforming assets and addressing “the elephant in the room” by fixing the box business. Shares of International Paper are up 1% to $39.34 in after-hours trading following the upgrade.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on IP:
- International Paper Co Welcomes New CEO, Mr. Silvernail
- International Paper upgraded to Buy on containerboard recovery at BofA
- International Paper upgraded to Buy from Neutral at BofA
- Moderna downgraded, Gap upgraded: Wall Street’s top analyst calls
- International Paper cut to Hold at Argus on depressed earnings, unclear outlook