January 7th, 2018

James Armstrong

W: 917.410.7046

C: 614.353.7373

Covered Companies Mentioned

Graphic Packaging Holding Company (GPK)

Hold, $14.00 Target

International Paper Company (IP)

Buy, $66.00 Target

WestRock Co. (WRK)

Hold, $61.00 Target


A 5-Minute Review of the Paper Packaging and Building Materials Space (1-7-2017)

This Week’s Tops Stories – OCC prices start year stable in US, down slightly in China; WestRock announces $50 CRB price hike; Pulp prices rise in December, but IP plans for flat pricing in January; OSB prices stable as “bomb cyclone” hits the Northeast.


Transcript of Hot AIR – (1-7-2017)

Good day and welcome to Hot Air, a five-minute weekly review and analysis of the most important events in the paper, packaging and building material space. My name is James Armstrong, your host and founder of Armstrong Investment Research.

Please remember to read the important disclosures accompanying this video and see my other reports for a more detailed analysis of the opinions expressed here.

Though January’s weather started off with a roar in most of the country, news out of the paper, packaging and building materials space started 2018 with barely a whimper. Still, the news cycle did pick up a bit and we expect it to become fast and furious as we head into earnings.


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Buy – Describes securities that we expect to provide a total return (price appreciation plus yield) of 10% or more within a 12-month period (unless specified otherwise

Hold – Describes securities that we expect to provide a total return (price appreciate plus yield) between plus 10% and minus 10% within a 12-month period.

Sell – Describes securities that we expect to provide a total return (price appreciate plus yield) of minus 10% or less within a 12-month period.

CS – Coverage Suspended. Armstrong Investment Research L.L.C. has suspended coverage of this company.

NC – Not covered. Armstrong Investment Research L.L.C. does not cover this company.

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Notes: Each box in the Rating and Price Target History chart above represents actions over the past three years in which an analyst initiated on a company, made a change to the rating or price target of a company or discontinued coverage of a company.


I: Initiating Coverage

D: Dropping Coverage

B: Buy

H: Hold

S: Sell

NR: Not Rated

CS: Coverage Suspended

NC: Not Covered

N/A: Not Applicable

Distribution of Ratings (As of 1/2/2018)

Coverage Universe

Rating   Count     Percent

Buy        6              40%

Hold       8              53%

Sell         1              7%

Investment Banking Clients Past 12 Months

Rating   Count     Percent

Buy        0              N/A

Hold       0              N/A

Sell         0              N/A

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