International Paper price target lowered to $37 from $42 at Wells Fargo

Wells Fargo lowered the firm’s price target on International Paper (IP) to $37 from $42 and keeps an Equal Weight rating on the shares. While improving containerboard fundamentals are positive for International Paper, Wells believes the DS Smith (DITHF) merger remains an overhang, the analyst tells investors in a research note. In addition, the firm says it remains unclear how long or what level of return is associated with increased spend across the company’s Industrial Packaging operations.