Deutsche Bank Meeting Takeaways For Office Depot (ODP)

Deutsche Bank analysts Mike Baker and Adam Sindler recently met with Office Depot (NYSE: ODP) management.The analysts said, "ODP has multiple initiatives underway to address the profitability gap between itself and its competitors now that it feels the business is sufficiently restructured."ODP is reviewing its $1.4b in indirect spending and is looking to cut costs by benchmarking against industry competitors.Deutsche Bank gives Office Depot a Hold rating. ODP is currently priced at a target of $8.00 by Deutsche Bank, based on a 6x EV/EBITDA multiple on FY2011 estimates. Shares of ODP are trading at $4.50 right now.