BRIEF: Growth estimates spur International Paper's stock to rise

Commercial Appeal (Memphis, TN) |

June 30--International Paper Co. shares jumped almost 3 percent Monday.

A report by business magazine Barron's said shares of the Memphis-based manufacturer could soar about 40 percent in the next 12 months on an improving global economy, stock buybacks and higher dividends.

IP chief executive officer John Faraci told Barron's that's IP's dividend could rise to $1.80 to $2.00 per share of stock. It is currently $1.40 per share.

Barron's cited Wall Street analysts who figure IP stock might top $70 a share in the next year, or 43 percent above current levels.

IP stock closed Monday at $50.47 per share, a gain of $1.42.

International Paper, the nation's largest producer of corrugated shipping boxes, employs about 2,400 people in Memphis.


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