Office Depot NewsBite - Analyst Lowers ODP's Price Target

Monday, July 21, 2008 3:47 PM EDT

Office Depot Inc. (ODP) opened at 6.57. So far today, the stock has hit a low of 6.38 and a high of 6.70. ODP is now trading at 6.46, down 0.07 (-1.07%). The stock hit its 52 week high of 30.17 in July and set its 52 week low of 5.68 in July. ODP has been moving downwards for the past year. Shares of Office Depot have been dropping today following a UBS analyst's decision to lower his price target on the stock to $7 from $13. Technical indicators for the stock are bearish and steady while S&P gives ODP a positive 4 STARS (out of 5) buy rating. If you’re looking for a hedged play on this stock, consider an August bear-call credit spread above the $7.50 range. ODP stock could rise up to 16.1% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]

Click Symbol For More News On: (ODP)