INTERNATIONAL PAPER (IP $31.45, rated Underweight from Neutral with $27 target) IP’S USE OF LOWER DEPRECIATION RATE IN FIRST-QUARTER OFFSET CASH OPERATING COST INCREASES ON AN EBIT BASIS, BUT LOWER CASH FLOWS CAUSE US TO SHAVE OUR PRICE TARGET 5/16/2011

INTERNATIONAL PAPER (IP $31.45, rated Underweight from Neutral with $27 target)
IP’S USE OF LOWER DEPRECIATION RATE IN FIRST-QUARTER OFFSET CASH
OPERATING COST INCREASES ON AN EBIT BASIS, BUT LOWER CASH FLOWS
CAUSE US TO SHAVE OUR PRICE TARGET  5/16/2011