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; firstname.lastname@example.org.
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