UPDATE: Citigroup Lowers PT on International Paper from $40 to $34
Citigroup maintains a Buy rating on International Paper (NYSE: 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.
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