Jefferies Group Increases Office Depot Price Target to $5.25 (ODP)
Investment analysts at Jefferies Group boosted their target price on shares of Office Depot (NYSE:ODP) from $5.00 to $5.25 in a note issued to investors on Wednesday, AmericanBankingNews.com reports. Jefferies Group’s target price would suggest a potential upside of 0.19% from the stock’s previous close.
Several other analysts have also recently commented on the stock. Analysts at Goldman Sachs initiated coverage on shares of Office Depot in a research note on Monday, May 5th. They set a “neutral” rating on the stock. Separately, 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. Finally, 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. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $5.92.
Shares of Office Depot (NYSE:ODP) opened at 5.24 on Wednesday. Office Depot has a 52 week low of $3.77 and a 52 week high of $5.85. The stock’s 50-day moving average is $4.24 and its 200-day moving average is $4.90. The company’s market cap is $2.802 billion. Office Depot also saw a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 48,117,381 shares, an increase of 14.6% from the March 31st total of 41,978,479 shares. Based on an average daily volume of 6,973,243 shares, the days-to-cover ratio is currently 6.9 days. Currently, 9.2% of the shares of the company are short sold.
Office Depot (NYSE:ODP) last announced its earnings results on Tuesday, May 6th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.04. The company had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.28 billion. The company’s revenue for the quarter was up 60.2% on a year-over-year basis. On average, analysts predict that Office Depot will post $0.15 earnings per share for the current fiscal year.
Office Depot, Inc (NYSE:ODP) is a global supplier of office products and services.
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