UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Office Depot on Strong Secular Trends

In a report published Wednesday, Jefferies reiterated its Hold rating on Office Depot

, and raised its price target from $3.00 to $5.00. Jefferies noted, “Strong secular trends in the office products industry and increased competition facing the office superstore (“OSS”) channel from the club, mass, and online channels presents a compelling case for consolidation in the office products industry.” Office Depot closed on Tuesday at $5.02.