Oppenheimer Optimistic on Office Depot

Oppenheimer provided color on Office Depot in a research report published today. Oppenheimer has a Perform rating and $3 price target on the company. In the report, Oppenheimer stated, "We believe the improved trends partly reflect an improving US economy and better jobs growth lately. ODP has taken aggressive steps the past few quarters to improve liquidity, drive profitable sales growth and shrink the current store prototype." Later in the report, Oppenheimer noted, "We are optimistic that sales and earnings could show further improvement as the economic recovery strengthens." Shares of Office Depot closed today at $3.59, up 18.87% from Monday's market close.