Bank of America Merrill Lynch Reiterates Buy Rating, $38 PT for International Paper
In a company update published earlier today, Bank of America Merrill Lynch reiterated its Buy rating and $38.00 price target for International Paper Company (NYSE: IP).
BofA Merrill Lynch said the basis of their decisions “supports our overall contention that IP management has been on top of the various components of its Temple integration effort and reflects a more subtle, but important positive as well. As far as the price, we think the valuation is positive as well. While IP has indicated in its slide presentations that the EBITDA associated with the mills is “$0.1bn”, this figure is based on “average” profitability. However, we don't think the collection of mills generates average profitability in aggregate, based on our estimates and cost trade data.”
International Paper Company closed yesterday at $29.20.
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