Piper Jaffray Reiterates Overweight Rating On OfficeMax (OMX)

Earlier today, analysts at Piper Jaffray released a research report reiterating their Overweight rating on shares of OfficeMax OMX. The firm has a $28 price target on the stock. The analysts wrote that "we continue to believe OMX has the potential to be the best margin recovery story in the office retailer space." Piper Jaffray's price target is based on 7x 2011 estimated EV/EBITDA. The analysts wrote that the major risks to their recommendation and price target include execution of the turnaround plan, competitive response from ODP and SPLS, and macro-economic factors facing the company's customers. During Monday's trading session, OMX shares jumped 3.92% to $14.85. Year-to-date, the stock has gained over 17%.