Citi Initiates Coverage on Office Depot (ODP) with a Hold
More News related to ODP
- Tony Stewart and Office Depot Invite Fans to Be Part of the Team with New 'Show Us Your 14' Online Photo Contest
- Office Depot Announces New Assortment of CROSS Fine Writing Instruments Available at Retail Locations Nationwide
- Office Depot Introduces New Full Range of Office Chairs
- Office Depot and Sharpie(R) Launch "Project Backpack" Design Contest for Back-to-School
- Office Depot Announces Special Pre-Sale Offer for Windows 7
Citi initiates coverage on Office Depot (NYSE: ODP) with a Hold. Price target $16.
Citi analyst says, "The office product stocks are most highly correlated to GDP growth, which is not expected to bottom until Q408. Because the stock has pulled back 66% from its pre-recession peak in January 07 as a result of a tough macro environment, we think much of the downside risk is priced in at current levels...What Could Make Us More Positive — To become more positive on the stock, we need to see margins start to stabilize, an improvement in the Florida and California economic environments (which account for 26% of ODP’s North American retail sales and 30% of North American business solution sales) and/or any indication of possible market share gains."
Office Depot, Inc. is a global supplier of office products and services. The Company is organized into three business segments: North American Retail division, North American Business Solutions division and International division.
Related Categories
New CoverageStocks Mentioned
+21.70Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
