UBS Maintains a 'Neutral' on Office Depot (ODP); Some Bright Spots, but Clouds Still Loom

UBS maintains a 'Neutral' on Office Depot (NYSE: ODP) price target lowered to $2.50.

UBS analyst says, "ODP deserves a lot credit, in our view, for making progress on its restructuring initiatives and being more analytical in its approach to running its business. Having a change in leadership a few quarters ago has probably been a catalyst for unlocking these benefits. It will be incumbent on the company to make further advances through its own actions in order to generate gains for shareholders since it does not appear that the economy will cooperate any time soon...While ODP’s shares might not find much upside in a tougher economic scenario, the downside should be supported by the inherent value in the company’s standalone business segments."

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 $2.29 yesterday.

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