International Paper downgraded to Neutral from Buy at Longbow Longbow downgraded International Paper to Neutral after its survey indicated reduced expectations for a containerboard price hike this year.
Containerboard stocks oversold at current levels, says Jefferies Jefferies analyst Philip Ng believes containerboard stocks are already pricing in a $30-60/ton price decline. Industry contracts, however, expect downtime will balance the market and prices will hold, Ng tells investors in a research note. International Paper (IP), WestRock (WRK) and Packaging Corp. (PKG) are oversold at current levels and should be attractive for long term investors, Ng writes. He has a Buy rating on all three names.