Citi Lowers ODP PT To $6

Citi has issued a report lowering the Price Target on Office Depot Inc ODP from $6.50 to $6.00 a share. According to the report, "Maintain Hold rating as 1) the company continues to face headwinds from a tough business environment, 2) does business in an increasingly competitive environment, and 3) continues to report missteps in managing the business. We recognize that the company screens well for a takeout; however, do not see a lot of catalysts to move this stock up over the next 12 months." ODP has a Hold Rating and closed at $4.34 a share.