Office Depot (NYSE:ODP) shares are surging today after the stock was upgraded by Janney Capital.
The firm upgraded the second-largest office supply retailer from “neutral” to “buy” and raised its price target from $6 to $10.
Drivers for the upgrade are a new CEO, an improving job market, cost-cutting initiatives and the potential for consolidation within the office supply industry, Janney said.
Office Depot shares are trading up almost 6% Monday.
Larger rival Staples (NASDAQ:SPLS) announced results of a small business survey today. Staples said its poll revealed an increasing dependence on technology on the part of small business owners, allowing them to achieve increased productivity and a better work-life balance.
Staples said it will continue to provide products and services to support these evolving business trends.
Shares of the #1 office supply retailer are trading up over 3.7% Monday.
OfficeMax (OMX), the smallest of the three office supply companies, is seeing its shares trade up 2.6% Monday.
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