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IP

International Paper

09:28
09/22/17
09/22
09:28
09/22/17
09:28

International Paper to invest about $300M to convert Riverdale paper machine

International Paper announced plans to invest approximately $300M to convert its No. 15 paper machine at the Riverdale Mill in Selma, Ala. from uncoated freesheet to high quality whitetop linerboard and containerboard. The conversion is targeted to be completed by mid-year 2019. The investment will add 450,000 tons of annual capacity, with flexibility to shift between containerboard products. Converting Riverdale No. 15 will position International Paper to grow its Industrial Packaging business, continue to provide attractive jobs to Riverdale team members and remain a significant supplier of uncoated freesheet in North America. As a result of the machine conversion, the company will reduce its annual uncoated freesheet capacity by 235,000 tons. The remaining machine at the Riverdale Mill will continue to produce uncoated imaging paper products.

IP International Paper

08/14/17
08/14/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. International Paper (IP) upgraded to Buy from Neutral at DA Davidson with analyst Steven Chercover citing the 18% upside to his price target of $62 as well as the 3.5% dividend yield. 2. Masimo (MASI) upgraded to Buy from Neutral with analyst Sean Lavin saying he is more bullish on the Philips (PHG) agreement leading to increased revenue and margins, and the recent share pullback has provided a buying opportunity. Further, the analyst thinks Johnson & Johnson (JNJ) could be an acquirer of Masimo as it sells its products into the OR and ICU markets and would "massively" expand operating margins, and notes Philips may see the value of Masimo's products and make a bid. 3. NetApp (NTAP) upgraded to Buy from Hold at Maxim with analyst Nehal Chokshi saying channel checks indicate the company's hybrid cloud capabilities have gained traction. 4. Orbital ATK (OA) upgraded to Buy from Hold at Argus with analyst David Coleman citing valuation and his belief that its cash flow can increase. 5. Werner (WERN) upgraded to Overweight from Equal Weight at Stephens with analyst Brad Delco saying it is an attractive way to play an inflection in TL fundamentals. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/22/17
JEFF
08/22/17
NO CHANGE
Target $128
JEFF
Buy
Packaging Corp. linerboard capacity concerns overblown, says Jefferies
Jefferies analyst Philip Ng said Packaging Corp. (PKG) is adding 1% of supply by late 2018 with its purchase of West Coast box assets and plans to convert one of its Wallula mills to produce kraft linerboard, which does not change his view on the tightness of the linerboard market. He would view the pullback in Packaging Corp. shares on the news as a buying opportunity and would use the pullback in peers International Paper (IP) and WestRock (WRK) to add to positions as well, he tells investors. Ng keeps a Buy rating and $128 price target on Packaging Corp. shares, which fell about 3% to $106.51 yesterday.
09/12/17
JEFF
09/12/17
NO CHANGE
JEFF
Jefferies finds Georgia Pacific price increase as paper stocks rallied
Jefferies analyst Philip Ng said yesterday afternoon that his industry indicated Georgia Pacific announced a $50 per ton linerboard price increase and $60 per ton medium increase. The analyst expects the rest of the industry to match the increase in the coming weeks. A full $50 per ton containerboard price increase would boost earnings by 25%-plus for International Paper (IP), WestRock (WRK) and Packaging Corp. (PKG), the analyst points out. The stocks rallied yesterday afternoon as news of the Georgia Pacific price increase made the rounds.
09/12/17
DBAB
09/12/17
NO CHANGE
DBAB
Georgia-Pacific reportedly raised containerboard prices, says Deutsche Bank
Deutsche Bank analyst Debbie Jones confirmed that some of her contacts have been informed of a price hike from Georgia-Pacific with an implementation date of October 9. The increase is reportedly for $50 per ton on krafliner and white top and $60 per ton for medium, Jones tells investors in a research note. The analyst expected an increase to be announced later this year for implementation in early 2018, but thinks investor expectations were more mixed regarding the potential for a fall hike. Jones is not aware of any producers following the hike, but expects more announcements this week. To be successful, International Paper (IP) and WestRock (WRK) would also need to raise prices, Jones contends. She believes a successful price increase would be beneficial for International Paper, KapStone (KS), Packaging Corp. (PKG) and WestRock.

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