Deutsche Bank Meeting Takeaways For Office Depot (ODP)

Deutsche Bank analysts Mike Baker and Adam Sindler recently met with Office Depot

management. The analysts said, "ODP has multiple initiatives underway to address the profitability gap between itself and its competitors now that it feels the business is sufficiently restructured." ODP is reviewing its $1.4b in indirect spending and is looking to cut costs by benchmarking against industry competitors. Deutsche Bank gives Office Depot a Hold rating. ODP is currently priced at a target of $8.00 by Deutsche Bank, based on a 6x EV/EBITDA multiple on FY2011 estimates. Shares of ODP are trading at $4.50 right now.