RBC Capital analyst Matthew McKellar upgraded International Paper to Outperform from Sector Perform with a price target of $39, down from $40. The company lowered its 2023 adjusted EBITDA guidance by 14% at the midpoint of its range, but the current share price reflects "greater pessimism than warranted and represents a solid entry point," the analyst tells investors in a research note. The firm thinks International Paper’s industrial packaging shipments have likely bottomed and will pick up from here. RBC remains cautious on containerboard capacity additions, but thinks "the overhang is well understood." It views International Paper’s valuation as "compelling" at current share levels.
Published first on TheFly
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