Officemax Upgraded to Buy by KeyBanc (OMX)
KeyBanc upgraded shares of Officemax (NYSE: OMX) from a hold rating to a buy rating in a report released on Monday, TheFlyOnTheWall.com reports. KeyBanc currently has $14.50 target price on the stock.
“While we believe our upgrade call may be somewhat early, as the merger is likely a 2014-2016 story, we view ODP-OMX as a compelling opportunity particularly for value and special situation investors…We believe the FTC is likely to approve the deal, as industry competitive dynamics have changed greatly since the 1997 landmark rejection of the Office Depot-Staples attempted merger. We believe there is confusion around terms of the merger, namely the lack of details (such as who will be CEO). We expect the board and management will act rationally through this process, and expect the stocks’ outlooks to improve once there is an official ‘story’ and a ‘storyteller’ in place.,” KeyBanc’s analyst wrote.
OMX has been the subject of a number of other recent research reports. Analysts at UBS AG raised their price target on shares of Officemax from $11.00 to $12.00 in a research note to investors on Tuesday, March 12th. They now have a neutral rating on the stock. Separately, analysts at Zacks reiterated a neutral rating on shares of Officemax in a research note to investors on Tuesday, February 26th. They now have a $12.00 price target on the stock. Finally, analysts at Goldman Sachs raised their price target on shares of Officemax from $11.00 to $14.00 in a research note to investors on Friday, February 22nd.
Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $12.50.
Shares of Officemax (NYSE: OMX) traded up 0.33% during mid-day trading on Monday, hitting $12.05. Officemax has a one year low of $4.10 and a one year high of $14.92. The stock’s 50-day moving average is currently $11.53. The company has a market cap of $1.047 billion and a P/E ratio of 2.53.
OfficeMax Incorporated (NYSE: OMX) provides office supplies and paper, print and document services, technology products and solutions and office furniture to large, medium and small businesses, government offices and consumers.
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