International Paper price target raised to $64 from $56 at RBC Capital

RBC Capital analyst Matthew McKellar raised the firm’s price target on International Paper (IP) to $64 from $56 and keeps an Outperform rating on the shares after its Q3 earnings beat. The company is demonstrating a good pace of progress across its strategic and commercial initiatives should be able to sustain its momentum despite some expected near-term “hoppiness” in volumes, the analyst tells investors in a research note. RBC adds that it continues to see an attractive opportunity when considering both a cyclical market recovery and the significant changes playing out across the International Paper business.