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June 9, 2010
Dear Friend
Recently IP's stock price declined
to meet our target of $21. We made no significant
changes to our IP model except to slightly improve
prices and costs for their industrial packaging segment
for 2010. The containerboard market has experienced an
operating rate of approximately 94% YTD. We expect the
third and fourth quarters to be seasonally better then
the second quarter for demand but to see lower margins.
As a result we raised our rating from Underweight to
Neutral.
Faithfully,
Joseph Reagor
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Copyright © 2008 John Tumazos Very Independent Research,
LLC
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