Last Call: International Paper rises on upgrade

Buckingham Research analyst Mark Weintraub said in a client note that he upgraded the shares to "Accumulate" from "Neutral."

The analyst said the Memphis, Tenn.-based company's "much beefed-up containerboard operations should drive cash flow generation to near multi-year highs in the quarters ahead while weakness in the stock has created an attractive entry point from a valuation perspective."

Shares rose 74 cents, or 3.4 percent, to close at $22.80 Wednesday.

Weintraub said the sector's ability to raise containerboard prices this month $55 per ton, or about 10 percent, will be "a huge plus for International Paper and may coincide with a tipping point as producers seem increasingly focused on making money rather than paper."

Also, the stock's dividend yield has hit an all-time high of 4.5 percent, which should attract income-oriented investors, he wrote.

Weintraub has a $30 price target on the shares.