BofA upgraded International Paper to Buy from Neutral with a price target of $42, up from $37. Company and panel presentations at BofA’s Global Agriculture & Materials Conference suggested a containerboard upcycle has begun, supporting a recent box maker Survey, while beverage can comments were fairly positive regarding North America, the analyst tells investors in a research note. The firm sees “upward tension” for the company’s fundamentals amid a “still-Neutral consensus rating.” With gradual containerboard recovery in the early stages, BofA increased multiples in the sector and upgraded three names.
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