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.
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