Goldman Sachs Upgraded OfficeMax Inc. (OMX) to Buy
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Goldman Sachs upgraded OfficeMax Inc. (NYSE: OMX) from Neutral to Buy, saying OMX is "our preferred leveraged play on an economic recovery." The firm set a new $14 price target, which represent 28% upside.
The firm said top-line declines moderated in 3Q09 and early in 4Q09. They also said earnings declines are peaking and should give way to earnings growth in 2Q10.
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