Merrill Lynch Thinks Office Depot’s Stock is Going to Recover

By Austin Angelo

Merrill Lynch analyst Elizabeth Lane Suzuki reiterated a Buy rating on Office Depot (NASDAQ: ODP) yesterday and set a price target of $3. The company’s shares closed yesterday at $2.46, close to its 52-week low of $2.

According to TipRanks.com, Suzuki is a 3-star analyst with an average return of 5.6% and a 60.0% success rate. Suzuki covers the Services sector, focusing on stocks such as Ollie’s Bargain Outlet Holding, Floor & Decor Holdings Inc, and Genuine Parts Company.

Office Depot has an analyst consensus of Moderate Buy, with a price target consensus of $3.

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Based on Office Depot’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.83 billion and net profit of $42 million. In comparison, last year the company earned revenue of $2.68 billion and had a net profit of $116 million.

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Office Depot, Inc. engages in the provision of office products, services, supplies, and technology solutions. It operates through the following segments: Retail, Business Solutions, and CompuCom.