UPDATE: KeyBanc Downgrades OfficeMax Incorporated to Hold on Lack of Catalysts

KeyBanc downgraded OfficeMax Incorporated

from Buy to Hold. KeyBanc commented, "Following a number of recent catalysts and significant appreciation in the stock, we are downgrading OfficeMax Incorporated (OMX-NYSE) from BUY to HOLD. While we think OMX shares still remain inexpensive, OMX is no longer a deep value, and we now believe catalysts for the stock will need to come from improvement in the core office supply business or a merger, rather than monetization of its misunderstood balance sheet as in 2012." OfficeMax Incorporated closed at $11.04 on Wednesday.