UPDATE: Jefferies Reiterates Buy Rating, Raises PT on International Paper Company on Raised Estimates

In a report published Friday, Jefferies analyst Philip Ng reiterated a Buy rating on International Paper Company

, and raised the price target from $52.00 to $60.00. In the report, Ng noted, “Our trade sources are convinced that the full $50 / ton containerboard price increase will stick due to the tight market conditions. We are raising our estimates and PTs for IP, RKT, and PKG to reflect the price increase and believe the stocks are still undervalued with FCF yields at 9%+. Once they start returning cash to shareholders in a more meaningful fashion, we believe the containerboard stocks will get re-rated.” International Paper Company closed on Thursday at $48.23.