Last Call: MeadWestvaco upgraded by Citi

The stock rose $1.13, or 4.7 percent, to $25 in afternoon trading.

Citi Investment Research analyst Chip Dillon upgraded the stock to "Buy" from "Hold," noting it has declined 33 percent since July.

Against this backdrop, Dillon said the company has enhanced shareholder value by selling timber at attractive prices and using proceeds to pay down debt and offer dividends. Dillon also said plans to focus solely on the paper-based packaging side of its business should boost earnings, following the sale of its coated papers business.

Dillon lowered his price target to $29 from $31, which implies upside of 21.5 percent to Thursday's $23.78 closing price.