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

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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
Oct 2017JP MorganDowngradesNeutralUnderweight
Sep 2017Bank of AmericaReinstatesBuy
Aug 2017Deutsche BankMaintainsHold

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

 

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