International Paper gains as Citigroup upgrades after CEO change

Packaging of America

20/03/2024 14:33

** Shares of paper and packaging company International Paper
 IP.N  up 2.3% at $39.71, a day after stock surged nearly 11%
after co appointed Andrew Silvernail as CEO
    ** Citigroup upgrades to "buy" from "neutral" and raises PT
to $46 from $36 expecting Silvernail can improve profitability
and focus IP's portfolio
    ** Says while outgoing CEO Mark Sutton made major strides in
simplifying IP's portfolio, the job is partly done and
Silvernail is an outsider and a potential change agent
    ** Expects Silvernail to address the performance gap with
larger peer Packaging Corp of America  PKG.N  
    ** Stock up 14% in the past 12 months compared to 44% rise
for PKG

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))