UPDATE: Piper Jaffray Lowers PT on OfficeMax to $21 (OMX)

Piper Jaffray is out with its report today on OfficeMax OMX, lowering its price target from $26 to $21. In a note to clients, Piper Jaffray writes, "We remain Overweight on OMX but are lowering our PT from $26 to $21 based on a tempered outlook for F11. However, we continue to be a believer in the operating leverage in the model and the company's execution of the 5-year plan. Based on a current valuation of 4.5x EV/EBITDA we remain buyers on the pullback." At the time of posting, shares of OMX were trading pre-market at $15.16, down 1.24% from Wednesday's close.