Soleil Starts OfficeMax (OMX) at Hold
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Soleil Securities Group initiates coverage on OfficeMax (NYSE: OMX) with a Hold rating. The firm has a $17 price target on the stock.
Although OfficeMax is "firmly entrenched in its turnaround activities", the firm notes that the company currently has about 83% of its revenues coming from the U.S., with high exposure to furniture and technology. Soleil says the "combination of macroeconomic challenges and heightened competition will limit near-term potential for the shares."
OfficeMax Incorporated distributes business-to-business and retail office products.
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