Market Overview

UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Office Depot

Related ODP
Office Depot's Strategic Initiatives Lead to 52-Week High
Morgan Stanley Comments On Target Corporation, Office Depot Inc And Other Hardline & Discount Retailers
Back to School Moves Online as Parents Hunt Deals (Fox Business)

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Office Depot (NYSE: ODP), and slightly raised its price target from $2.00 to $3.00.

Jefferies noted, “Soft sales continued in Q3, and higher-than-expected gross margin led to a beat versus the Street. We are skeptical that a sector facing secular headwinds and higher competition from online players can continue to let gross margin go up. Meanwhile, continued ‘1x charges' cloud real profitability.”

Office Depot closed on Tuesday at $2.99.

Latest Ratings for ODP

DateFirmActionFromTo
Jun 2014Morgan StanleyInitiates Coverage onEqual-weight
May 2014Goldman SachsUpgradesNeutralBuy
May 2014Credit SuisseUpgradesNeutralOutperform

View More Analyst Ratings for ODP
View the Latest Analyst Ratings

Posted-In: Jefferies & CompanyAnalyst Color Price Target Analyst Ratings

 

Related Articles (ODP)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters