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Staples, Inc. Message Board

  • zebraspit zebraspit Nov 11, 1998 5:16 PM Flag

    WSJ Interactive story on ODP analyst mee

    Dow Jones Newswires

    Office Depot Stk Up
    6% After Analyst Presentation Tues.

    Dow
    Jones Newswires

    By Kate Berry

    MIAMI
    (Dow Jones)--Shares of Office Depot Inc. (ODP) climbed
    for a second day as several analysts
    raised their
    12-month price targets on the stock.

    Office
    Depot's management team met Tuesday in New York with 130
    buy and sell-side analysts at a
    company-sponsored
    conference, said Barry J. Goldstein, the company's chief
    financial officer.

    Alex. Brown & Sons, Donaldson
    Lufkin & Jenrette and Merrill Lynch put out morning
    comments
    Wednesday on First Call Corp., raising their
    price target on Office Depot to $37 a share. Lehman

    Brothers raised its target to $35.

    NYSE-listed
    shares of Office Depot, based in Delray Beach, Fla.,
    rose 1 9/16, or 5.7%, to 28 7/8,
    on volume of 3
    million shares, compared with average daily volume of 1.5
    million. On Tuesday, the
    stock closed up 6.3%.


    "We had our full management team up there with an
    opportunity for buy and sell-side analysts to
    meet new
    members," Goldstein said, noting that six top executives
    have joined Office Depot in the
    past year.


    "There are no real announcements; we're just getting
    back some of what we've lost previously,"

    Goldstein said of the company's stock.

    Still, the
    No. 1 office supply superstore is in a recovery mode
    after a failed attempt to merge
    with rival Staples
    Inc. (SPLS). Now, Office Depot has new expansion plans
    and is targeting overseas
    growth.

    In
    August, the company acquired Viking Office Products Inc.,
    a mail-order business in Torrance,
    Calif., that
    is expected to provide further expansion
    opportunities.

    "The management teams are working very well
    together," said Goldstein.

    -By Kate Berry
    305-379-3744; kate.berry@cor.dowjones.com.


    (You SPSL
    diehards are getting a few of the crumbs from all of the
    ODP good news...we're glad to help!)

 
SPLS
8.71-0.24(-2.68%)Jun 24 4:00 PMEDT