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UPDATE: Bank of America Raises PO on Office Depot as Merger Progresses

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Bank of America analyst Denishe Chai published a report Thursday on Office Depot (NYSE: ODP) and raised the price objective on the stock from $1.65 to $3.50 and maintained an Underperform rating.

In the report, Bank of America commented that, "The process continues for the proposed merger of ODP and OMX, with both companies communicating with and responding to FTC requests. In our opinion, this lends support to the share price and, consequently, we are raising our price objective to $3.50 (0.1x P/S on 2014E) from $1.65 (0.04x P/S on 2013E). We believe 2014 better represents the forward year and a more normalized period. Following a completed SEC review, special shareholder meetings will be set to vote on the deal, with the potential transaction expected to close late 2013."

Office Depot closed at $3.98 on Thursday.

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: Bank of America Denise ChaiAnalyst Color Price Target Analyst Ratings

 

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