Market Overview

UPDATE: Jefferies Lowers PT to $2 on Office Depot on a Weak Q2

Related ODP
European Authorities To Approve Staples-Office Depot Under Several Conditions
Marvell Gets A Big New Investor: Starboard Value
1 Free Swiss Franc? (Seeking Alpha)

Jefferies reiterated its Hold rating on Office Depot (NYSE: ODP) and lowered its price target from $3 to $2.

Jefferies commented, "Soft sales results in 2Q require modest top line improvement in 2H to achieve forecasts. Recent results will keep investors skeptical on the prospects of a 2H recovery, so shares will likely stay range bound, despite looking cheap. Meanwhile continued 1x items cloud real profitability, but management maintains FCF outlook of $80-$100mn."

Office Depot closed at $1.65 on Tuesday.

Latest Ratings for ODP

Dec 2015Bank of AmericaReinstatesBuy
Dec 2015KeyBancDowngradesOverweightSector Weight
Sep 2015B. RileyUpgradesNeutralBuy

View More Analyst Ratings for ODP
View the Latest Analyst Ratings

Posted-In: JefferiesAnalyst Color Price Target Intraday Update Analyst Ratings


Related Articles (ODP)

View Comments and Join the Discussion!

Get Benzinga's Newsletters