As previously reported, RBC Capital analyst Paul Quinn upgraded International Paper to Outperform from Sector Perform and raised his price target to $67 from $57, citing the announcement that International Paper will not make an offer for Smurfit Kappa. In a research note to investors, Quinn said the company's financial outlook looks strong on a standalone-basis despite "considerable" tailwinds in the core North America containerboard business as well as stronger than expected conditions in the pulp and paper units. Quinn sees strength in financial results in the back half of the year, and sees 10% annual EBITDA growth guidance as "more than achievable."

Reports Q1 revenue $4.62B, consensus $4.56B. "International Paper made progress executing our strategic initiatives in the first quarter,'' said Mark Sutton, chairman and CEO. "We saw commercial benefits from our business strategies, as well as cost benefits from mill system optimization. Although costs remain elevated and volumes were seasonally lower in the quarter, market trends continue to improve."