UPDATE: Credit Suisse Reiterates On International Paper Company Following Completion Of Spinoff And Merger

In a report published Wednesday, Credit Suisse analyst Lars Kjellberg reiterated an Outperform rating on International Paper Company IP, but lowered the price target from $70.00 to $69.00. In the report, Credit Suisse noted, “IP completed the xpedx spinoff and merger with Unisource yesterday at 5pm. At the open of trade July 2, the IP share should rebase to trade excluding the implied value for shareholders of the merged company called Veritiv (VRTV, not rated). Pre-trading in IP excluding VRTV indicates an ‘ex-value' of the IP stock down c75c from yesterday's official $50.81 share price close.” International Paper Company closed on Tuesday at $50.81.