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

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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

DateFirmActionFromTo
Jun 2015Telsey Advisory GroupUpgradesMarket PerformOutperform
Apr 2015JefferiesUpgradesHoldBuy
Feb 2015JefferiesMaintainsHold

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