Piper Jaffray Maintains Rating, PT On ODP

Piper Jaffray, following the release of Q1F11 results, is maintaining its Neutral rating and price target of $5 on Office Depot ODP. Says Piper Jaffray, in the report, “We are maintaining our Neutral rating and Price Target of $5 following ODP's Q1 F11 earnings call. ODP fell slightly short of consensus in reporting Q1 sales of $2.973B (vs. PJC of $2.979B and consensus of $2.976B) and EPS of $0.00 (vs. PJC of $0.01 and consensus of $0.02). While the restatement of financials and lowered guidance at the end of March has weighed on the stock, we view positive retail comp trends in March and improved performance in California as positives for the company.” ODP closed at $4.36 yesterday.