There is an interesting research report in shares of International Paper (NYSE: IP). A report from Zacks may have some impact on the company and also in shares of MeadWestvaco Corporation (NYSE: MWV) and Weyerhaeuser Co. (NYSE: WY). The new rating was lifted to Outperform from Neutral based upon IP’s M&A strategy, joint ventures, and projects in Russia and China all working toward earnings growth.
Another boost is the a hiked dividend an unprecedented three times in the last year after having cut the payout by 90%. One caveat is continued high debt and Zacks sees “upward pressure on the stock over the near term.”
This is also coming when the stock is close to a year high. At $32.45, the 52-week range is $21.55 to $33.01 and the market cap is just over $14 billion. The Thomson Reuters consensus price target is $37.00 for a comparison and if the consensus estimates are achieved this one trades at barely 10-times earnings.
The full Zacks note is available here.
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