Deutsche Bank Provides Color on Office Depot

According to a recent report from Deutsche Bank, Friday's investors meeting hosted by Office Depot ODP disclosed that May total sales were down relative to previous guidance however, April total company sales were up by 3%. After the meeting, Deutsche bank has maintained a Hold rating and $4.75 price target on the company. In the report, Deutsche Bank said, "While we do not know what has led to ODP's better than expected margins QTD, this could alleviate some of the concerns around margins in the space." ODP closed Friday at $3.87.