Wells Fargo Cuts International Paper Price Target On Slowing Demand

by Shivani Kumaresan, Benzinga Staff Writer

July 18, 2022 8:38 AM | 28 seconds read | Make a Comment

Wells Fargo analyst Gabe Hajde downgraded International Paper Co IP to Equal Weight from Overweight and reduced the price target to $47 (11% upside) from $58.
The analyst cited slowing demand and incremental non-integrated supply coming online as reasons for the re-rating.
He believes it will be challenging for the stock to work over the 6-12 months.
Price Action: IP shares are trading lower by 1.92% at $41.41 in premarket on the last check Monday.
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