International Paper price target lowered to $36 from $38 at Citi

Citi analyst Anthony Pettinari lowered the firm’s price target on International Paper to $36 from $38 and keeps a Neutral rating on the shares. The shares traded down after a “lackluster” 1Q outlook and lack of fiscal year guidance, the analyst tells investors in a research note. The firm says International Paper further expects to underperform the industry on box volumes for “the next couple of quarters” as it completes improvements to its box plant system and go-to-market strategy. Citi is encouraged by the company’s transformation efforts but says “investors may be impatient.”