Office Depot Inc (ODP) is Downgraded by Jefferies to Hold

Office Depot Inc (ODP) was Downgraded by Jefferies to ” Hold”. Earlier the firm had a rating of “Buy ” on the company shares. Jefferies advised their investors in a research report released on May 11, 2016.

Many Wall Street Analysts have commented on Office Depot Inc. Shares were Downgraded by Telsey Advisory Group on May 11, 2016 to ” Market Perform” and Lowered the Price Target to $ 5 from a previous price target of $6.50 .Shares were Reiterated by Telsey Advisory Group on Feb 24, 2016 to “Outperform” and Lowered the Price Target to $ 6.50 from a previous price target of $7.50 .

On the company’s financial health, Office Depot Inc reported $0.10 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Apr 26, 2016. Analyst had a consensus of $0.13. The company had revenue of $3544.00 million for the quarter, compared to analysts expectations of $3619.88 million. The company’s revenue was down -8.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.13 EPS.

Office Depot Inc closed down -0.17 points or -2.72% at $6.09 with 1,34,94,087 shares getting traded on Tuesday. Post opening the session at $6.32, the shares hit an intraday low of $5.99 and an intraday high of $6.35 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Jun 3, 2015, Steven Mark Schmidt (President, International) sold 210,000 shares at $9.28 per share price.

Office Depot Inc. is a supplier of office products and services. The Company sells products and services to consumers through three segments: North American Retail Division North American Business Solutions Division and International Division. The North American Retail Division sells an assortment of merchandise through its chain of office supply stores throughout the United States including Puerto Rico and the U.S. Virgin Islands. The North American Business Solutions Division sells office supplies technology products cleaning and breakroom supplies office furniture certain services and other solutions to customers. The International Division sells office products and services through direct mail catalogs contract sales forces Internet sites and retail stores. The Company also operates a network of distribution centers (DC) and crossdock facilities across the United States Puerto Rico and Canada.

Office Depot Inc

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