Goldman Sachs Initiates Coverage on Office Depot (ODP)
Research analysts at Goldman Sachs initiated coverage on shares of Office Depot (NYSE:ODP) in a report released on Monday, AnalystRatings.Net reports. The firm set a “neutral” rating on the stock.
Shares of Office Depot (NYSE:ODP) traded down 1.88% during mid-day trading on Monday, hitting $4.17. The stock had a trading volume of 10,806,016 shares. Office Depot has a one year low of $3.75 and a one year high of $5.85. The stock’s 50-day moving average is $4.20 and its 200-day moving average is $4.92. The company’s market cap is $2.220 billion. Office Depot also was the recipient of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 48,117,381 shares, a growth of 14.6% from the March 31st total of 41,978,479 shares. Based on an average daily trading volume, of 6,973,243 shares, the days-to-cover ratio is presently 6.9 days. Currently, 9.2% of the shares of the stock are sold short.
Office Depot (NYSE:ODP) last released its earnings data on Tuesday, February 25th. The company reported ($0.03) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.03 by $0.06. The company had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $4.09 billion. Analysts expect that Office Depot will post $0.11 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on ODP. Analysts at JPMorgan Chase & Co. downgraded shares of Office Depot from an “overweight” rating to a “neutral” rating in a research note on Friday, March 21st. Separately, analysts at Zacks downgraded shares of Office Depot from a “neutral” rating to an “underperform” rating in a research note on Friday, February 28th. They now have a $4.50 price target on the stock. Finally, analysts at Jefferies Group raised their price target on shares of Office Depot from $4.00 to $5.00 in a research note on Thursday, February 27th. They now have a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. Office Depot has an average rating of “Hold” and a consensus price target of $5.75.
Office Depot, Inc (NYSE:ODP) is a global supplier of office products and services.
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