UBS Maintains a 'Neutral' on Office Depot (ODP); Taking Action Deserves Credit, But Still Little To Get Excited About
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Price: $4.27 +1.67%
Rating Summary:
1 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
1 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade ODP Now!
UBS maintains a 'Neutral' on Office Depot (NYSE: ODP) price target lowered from $3.50 to $3.25.
Analyst, Michael Lasser, said, "While Office Depot has put together a nice string of gross margin gains over the last 11 quarters, it’s hard to take a lot of comfort in this track record given the inconsistent sales performance during this time. Without a top-line improvement, the notion that ODP will generate substantial leverage on a recovery is less compelling since the likelihood of this is low in our view." (UBS lowers FY12 EPS from $0.06 to $0.04 and FY13 by $0.01 to $0.17)
"ODP deserves credit for taking more action on retail, but...Retailers need to generate resources to confront their challenges"
For an analyst ratings summary and ratings history on Office Depot click here. For more ratings news on Office Depot click here.
Shares of Office Depot closed at $2.85 yesterday, with a 52 week range of $1.75-$4.84.
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Analyst, Michael Lasser, said, "While Office Depot has put together a nice string of gross margin gains over the last 11 quarters, it’s hard to take a lot of comfort in this track record given the inconsistent sales performance during this time. Without a top-line improvement, the notion that ODP will generate substantial leverage on a recovery is less compelling since the likelihood of this is low in our view." (UBS lowers FY12 EPS from $0.06 to $0.04 and FY13 by $0.01 to $0.17)
"ODP deserves credit for taking more action on retail, but...Retailers need to generate resources to confront their challenges"
For an analyst ratings summary and ratings history on Office Depot click here. For more ratings news on Office Depot click here.
Shares of Office Depot closed at $2.85 yesterday, with a 52 week range of $1.75-$4.84.
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