Deutsche Bank Raising PT On IP To $39

Deutsche Bank, citing impressive strides over the last two and a half years, is raising its price target on International Paper IP from $35 to $39. Says Deutsche Bank, in the report, “IP has made impressive strides over the past 30 months. Margins are improving, debt is down, dividend is above pre-crisis level and IP is showing more disciplined behavior in mkts. CF looks strong. We are boosting our target price from $35 to $39 due to improving fundamentals in IP's key grades leading to higher earning est's & strong financial position. DB boosting est's from $2.70 to $3.00 in 2011 (2Q from $0.54 to $0.66), and from $3.00 to $3.20 in 2012.” Deutsche Bank maintains its Buy rating on the stock. IP closed yesterday at $30.48.