JPMorgan upgrades International Paper to Overweight on improving linerboard pricing

Analyst
โดย Investing.com·Read original
Summary · why it matters

JPMorgan upgraded International Paper to Overweight from Neutral, citing an improving U.S. linerboard pricing cycle and tightening supply-demand dynamics that are likely to lift earnings across the corrugated packaging sector. The brokerage raised its price target on International Paper to $61 from $51, while increasing its London-listed target to 4,600 pence from 3,200 pence, and maintained Overweight ratings on Smurfit WestRock and Packaging Corp. of America, lifting their price targets to $71 from $65 and $312 from $271 respectively. The upgrade follows reports that Packaging Corp. of America plans to implement a $140-per-ton U.S. kraftliner price increase from September 1, though JPMorgan expects only $50 per ton to be realized in its base case, which would still represent the strongest quarterly price-cost progression in a decade. Assuming a $50-per-ton price increase, the brokerage raised its 2027 EBITDA forecasts by 5% for Smurfit WestRock, 11% for Packaging Corp. of America, and 12% for International Paper, noting that International Paper offers roughly 43% upside to its current share price under its revised assumptions.

Impact on stocks 3

Materials▲ · 3 stocks
International Paper
IP
▲ PositivePricingrelevance

JPMorgan upgrades to Overweight, citing improving linerboard pricing cycle and raising price target to $61.

Packaging Corp of America
PKG
▲ PositivePricingrelevance

JPMorgan maintains Overweight, raises price target to $312, citing planned kraftliner price increase and improved EBITDA forecast.

Smurfit WestRock plc
SW
▲ PositivePricingrelevance

JPMorgan maintains Overweight, raises price target to $71, citing improved pricing cycle and 5% EBITDA forecast increase.

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