Office Depot Receives New Coverage from Analysts at Morgan Stanley (ODP)
Stock analysts at Morgan Stanley assumed coverage on shares of Office Depot (NYSE:ODP) in a report issued on Tuesday. The firm set an “equal weight” rating and a $6.35 price target on the stock. Morgan Stanley’s target price would suggest a potential upside of 12.19% from the stock’s previous close.
A number of other firms have also recently commented on ODP. Analysts at Zacks upgraded shares of Office Depot from an “underperform” rating to a “neutral” rating in a research note on Tuesday, May 27th. They now have a $5.30 price target on the stock. Separately, analysts at Goldman Sachs upgraded shares of Office Depot from a “neutral” rating to a “buy” rating in a research note on Tuesday, May 27th. They now have a $7.00 price target on the stock, up previously from $5.40. Finally, analysts at Credit Suisse upgraded shares of Office Depot from a “neutral” rating to an “outperform” rating in a research note on Wednesday, May 7th. They now have a $7.00 price target on the stock, up previously from $6.13. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $6.27.
Shares of Office Depot (NYSE:ODP) traded down 0.74% on Tuesday, hitting $5.618. 2,149,011 shares of the company’s stock traded hands. Office Depot has a 52-week low of $3.77 and a 52-week high of $5.85. The stock has a 50-day moving average of $5.25 and a 200-day moving average of $4.87. The company’s market cap is $3.004 billion. Office Depot also was the recipient of a large drop in short interest in the month of May. As of May 30th, there was short interest totalling 48,613,650 shares, a drop of 6.7% from the May 15th total of 52,132,014 shares. Based on an average daily volume of 8,808,598 shares, the days-to-cover ratio is currently 5.5 days. Approximately 9.3% of the company’s stock are short sold.
Office Depot (NYSE:ODP) last released its earnings data 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. Analysts expect that Office Depot will post $0.15 EPS for the current fiscal year.
Office Depot, Inc (NYSE:ODP) is a global supplier of office products and services.
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