UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on International Paper Co. as Earnings Move Higher - International Paper (NYSE:IP)

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In a report published Thursday, Credit Suisse analyst Lars Kjellberg reiterated an Outperform rating on

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International Paper Co.

(NYSE: IP), but lowered the price target from $69.00 to $68.00.In the report, Credit Suisse noted, “We maintain our 2014E EPS but lower our 2015E and 2016E EPS by 31c and 24c, respectively. The forecast reductions reflect continued high wood costs, FX (translation and transaction) and our lowered assumptions for IP's pace of share repurchases. We reiterate our Outperform rating and reduce our price target to $68.”International Paper Co. closed on Wednesday at $52.38.