Goldman Sachs Comments On Office Depot Management Meetings

According to Goldman Sachs, Office Depot (NYSE: ODP) management meetings move ahead.

Goldman Sachs reported that its recent visit with ODP management suggests the company is making incremental improvements, in the context of some secular headwinds and a sluggish environment, as the search for a new CEO, and perhaps more forceful solutions, continues. “We remain Neutral given secular headwinds (falling paper consumption) and tough competitive dynamics. The key driver of the company and stock from here will relate to the choice of a new CEO, and that manager's strategic imperatives. Our 12-month price target is $5.50.”

Office Depot closed yesterday at $4.85.