Goldman Cuts Forecasts For OfficeMax

OfficeMax Inc. OMX has experienced sluggish sales recovery and the investment in the pursuit of the firm's long term plan, which impacts the bottom line according to Goldman Sachs. Goldman's EPS estimates for 2010 have been trimmed from $0.80 to $0.67, and for 2011 EPS has been reduced from $0.93 to $0.77. Price target has also been lowered to $17 from $18, with its "buy" rating reiterated, as earnings continue to improve at a slower rate than expected. OfficeMax Inc. closed yesterday at $14.85.