Nomura Securities Maintains a 'Reduce' on Office Depot (ODP); Q2 Prevew
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Price: $28.00 --0%
Rating Summary:
3 Buy, 12 Hold, 1 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 12 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Reduce' on Office Depot (NYSE: ODP), PT $2.
Nomura analyst, Aram Rubinson, said, "Last week, Office Depot announced a handful of management changes. We are glad to see Mr. Austrian make necessary changes to the organization; however, we are a bit unnerved as to the timing of the announcement as ODP will report Q2 results on July 26. Our forecast for Q2 is below guidance, which calls for EBIT to be ‘up’ from last year. We forecast an EPS loss of ($0.15) versus the Street at a loss of ($0.04). We forecast an EBIT loss of $32m versus the Street at a loss of $18m. Last year was a loss of $27m. We may be too low for Q2 since ODP only recently reaffirmed (June 3) guidance. Our full-year forecast, however, seems appropriate."
For more ratings news on Office Depot click here and for the rating history of Office Depot click here.
Shares of Office Depot closed at $3.76 yesterday.
Nomura analyst, Aram Rubinson, said, "Last week, Office Depot announced a handful of management changes. We are glad to see Mr. Austrian make necessary changes to the organization; however, we are a bit unnerved as to the timing of the announcement as ODP will report Q2 results on July 26. Our forecast for Q2 is below guidance, which calls for EBIT to be ‘up’ from last year. We forecast an EPS loss of ($0.15) versus the Street at a loss of ($0.04). We forecast an EBIT loss of $32m versus the Street at a loss of $18m. Last year was a loss of $27m. We may be too low for Q2 since ODP only recently reaffirmed (June 3) guidance. Our full-year forecast, however, seems appropriate."
For more ratings news on Office Depot click here and for the rating history of Office Depot click here.
Shares of Office Depot closed at $3.76 yesterday.
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