UPDATE: Citigroup Lowers PT on International Paper from $40 to $34

Citigroup maintains a Buy rating on International Paper IP and lowers its price target from $40 to $34. Citigroup notes, “We are lowering 2012 EPS by 5%, but raising 2013 (+3%) and 2014 (+9%) estimates. Our changes are based on weaker-than-expected freesheet prices in 2012 and the pushout of an expected containerboard price hike, with product price recovery and Temple-Inland synergies raising numbers in 2013-14. With our updated estimates our target price moves to $34; maintain Buy.” International Paper closed at $29.07 on Friday.