UPDATE: Goldman Sachs Moves International Paper to Not Rated

Goldman Sachs is moving International Paper (NYSE: IP) to Not Rated.

In a note to clients, Goldman Sachs writes, "The Americas Investment Review Committee has determined that the ratings and price target for International Paper should be removed. Goldman Sachs is acting as a financial advisor in connection with an announced strategic matter that is fundamental to the reasonable analysis of the rating and price target for this stock."

At the time of posting, shares of IP were trading pre-market at $30.80, up 3.88% from Monday's close.