Market Overview

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

Related ODP
Tax Day Freebies To Lighten The Load
Is Office Depot (ODP) Ready to Breakout? - Tale of the Tape

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.

Posted-In: Bank of America Denise ChaiAnalyst Color Price Target Analyst Ratings

 

Most Popular

Related Articles (ODP)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free