J.P. Morgan's OPD Update

J.P. Morgan has released a report updating on Office Depot (NYSE: ODP) after a meeting with the CFO.

According to the report, "We recently met with ODP CFO Mike Newman. Overall, we walked away more encouraged by the internal momentum, heightened pace of change, improved strategic direction, and increasing accountability. With process improvement initiatives gaining steam and some thorny issues dropping aside, ODP should exhibit impressive incremental margins (30% or higher) in 2011-12."

ODP has an Overweight Rating and an $8.00 Price Target.

ODP closed yesterday at $4.85.