Officemax (OMX) Rated Hold By Deutsche Bank

Deutsche Bank Securities analysts Mike Baker and Adam Sindler rated shares of Officemax Incorporated (NYSE: OMX) a Hold, with a price target of $20 per share.

The analysts warned that Officemax Incorporated's top line is dependent on a macroeconomic recovery but small businesses are still pessimistic.

The Deutsche Bank Securities analysts wrote, "we believe the biggest margin opportunities are on the gross margin line, driven from increases in private label, realizing the benefits of pricing disciplines, supply chain improvements that lower stem miles, private label and occupancy cost leverage. There has also been some alleviation in the mix shift to "on contract" from "off contract purchasing."

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