KeyBanc Downgrades OfficeMax (OMX) to Hold; Major Catalysts Behind Us

January 24, 2013 7:22 AM EST Send to a Friend
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Price: $15.26 --0%

Rating Summary:
    4 Buy, 8 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 28 | New: 24
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KeyBanc downgraded OfficeMax (NYSE: OMX) from Buy to Hold.

The firm comments, "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. In fact, yesterday, Boise Cascade (of which OMX is a partial owner) filed an amended S-1 that set an IPO price range implying a valuation that is in line with our base case estimates. As such, we now believe that most of the major balance sheet catalysts have played out. Looking ahead, we are encouraged by steps that management is taking to improve the core office supply business."

For an analyst ratings summary and ratings history on OfficeMax click here. For more ratings news on OfficeMax click here.

Shares of OfficeMax closed at $11.04 yesterday.

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