- RBC Capital Markets analyst Matthew McKellar upgraded International Paper Co (NYSE:IP) rating to Outperform from Sector Perform at a lowered price target of $39.
- The analyst is bullish on management’s commentary in Q1 results related to Industrial Packaging shipments destocking in the retail channel and expects volumes to improve in 2023, mainly in H2.
- However, McKellar is cautious about containerboard capacity additions in 2023, with U.S. liner board and medium prices remaining flat for two months.
- Despite a 14% reduction in 2023 adjusted EBITDA guidance by the company, the analyst believes the current share price represents a solid entry point given an attractive dividend yield.
- With the end of destocking, the analyst expects fluff pulp volumes (and share of mix) to recover from Q1 and sees favorable long-term trends for absorbent hygiene products.
- The analyst projects fluff pulp prices to average $1,950/tonne in 2023 and $1,645/tonne in 2024, down from current pricing of $2,065/tonne and peak pricing of $2,230/tonne reached in mid-2022.
- Price Action: IP shares are trading flat at $33.01 on the last check Friday.
Crypto Whale Just Moved $25M Worth Of Ethereum (ETH) Off Bitfinex
What happened: An Ethereum (CRYPTO: ETH) whale sent $25,641,612 worth of Ethereum off Bitfinex.
The ETH address associated with this transaction has been identified as:
0xbd9ed5848af944ad0e7796101e50287ee3260426
