Jefferies analyst Daniel Binder bumped estimates and his price target on Office Depot (NASDAQ: ODP) to $9.50 (from $6.50) but maintained a Hold rating on the stock.

Binder commented, "Sales were 2% below expectation due mostly to FX headwinds. Adjusting for FX, top-line remained weak, reflecting store closures and industry pressures. EPS was $0.03 ahead of the Street as synergy realization was faster than expected, providing better-than-expected SG&A performance. Synergy goals were reiterated, but guidance was pulled due to uncertainty of vendor, customer and employee behavior now that a deal has been announced."

The firm raised Q1 EPS from $0.10 to $0.13, FY 2015 EPS from $0.32 to $0.43 and FY 2016 EPS from $0.38 to $0.51.

For an analyst ratings summary and ratings history on Office Depot click here. For more ratings news on Office Depot click here.

Shares of Office Depot closed at $9.43 yesterday.