UPDATE: J.P. Morgan Lowers PT on International Paper to $29

J.P. Morgan is out with its report today on International Paper (NYSE: IP), raising its PT from $27 to $29.

In its report, J.P. Morgan writes, "IP trades at ~5.5x our revised, pro forma 2012E EBITDA, a ~5% premium to the paper group, which we think is fair given the recently closed APPM deal, the pending TIN acquisition and its equity earnings in Ilim. We have raised our December 2012 price target to $29 from $27."

Shares of IP closed Friday at $28.81.