Analyst Note| Charles Gross |
International Paper's first-quarter results came with few surprises. The industrial packaging segment benefited from improved pricing and volumes, while printing papers lagged. We expect rising shipping volumes to remain a tailwind throughout 2021, with paper volumes recovering in the U.S. during the second half of the year. Given that our business outlook remains intact, we have left our $49 per share fair value estimate and no-moat ratings unchanged.