Piper Jaffray Lowers PT On OMX Slightly, To $13

Piper Jaffray has lowered its price target on OfficeMax Inc. OMX from $14 to $13 following the company's disappointing Q1 results. According to Piper Jaffray, “Last Friday we attended a sell side lunch with OMX's President and CEO, Ravi Saligram and the CFO, Bruce Besanko. Following disappointing Q1 results and over five months into his tenure, Mr. Saligram took time to answer questions and explain Q1 performance. Even though the company posted difficult Q1 results last week and provided a challenged outlook for Q2, we remain OW with a $13 PT based on valuation..” Piper Jaffray maintains an Overweight rating on the stock. OMX closed at $9.96 on Friday.