Deutsche Bank Has Buy On International Paper (IP)

Deutsche Bank has a Buy rating and a $35 price target on shares of International Paper Company IP. In a note to clients, Deutsche Bank writes, "The February PPPC pulp figures today came in slightly weaker than expected, but supply/demand remains balanced in our view. Total shipments decreased by 1.6% YoY to 3,280K mtons. The overall inventory level rose by 1 day m/m (+1 day for softwood, +2 days for hardwood). We attribute some of the weakness to North America, where shipments declined 9.6% y/y to 557K mtons, with weather related issues likely impacting volumes. Looking ahead, we don't expect such a sharp rate of decline to continue over the remainder of the year. Additionally, we are mindful of the month‐to‐month volatility in these numbers." Shares of IP gained 38 cents yesterday to close at $27.30, a gain of 1.4%.