Goldman Sachs Maintains Office Depot Neutral Rating (ODP)

Goldman Sachs maintained its Office Depot ODP Neutral rating in a research report published today. In the report, Goldman Sachs states, "The dominant issue for ODP's stock is the selection of its next CEO; a search is ongoing, and we expect the stock to respond, and the story to evolve, in response to the board's choice. Moreover, as margins are highly depressed, company-specific margin and cost drivers are likely to influence earnings more than the macro backdrop, though we see less clarity on margin-driving initiatives here than at OMX. We already model sales declines in ODP's domestic delivery business, reflecting the transition of the US Communities contract stationer business." Shares of Office Depot were at $5.77 in pre-market trading at the time of posting, up 2.49% from Friday's market close.