Office Depot (ODP) NewsBite - ODP Upgraded By JP Morgan

Posted: Friday, May 29, 2009 1:51 PM EDT

Office Depot (ODP) was upgraded today by analysts at JP Morgan and the stock is now at $4.66, up $0.28 (6.39%) on volume of 10,784,105 shares traded. The analysts upped the stock to Overweight from Neutral. Over the last 52 weeks the stock has ranged from a low of $.59 to a high of $13.30. Office Depot stock has been showing support around $3.69 and resistance in the $4.73 range. Technical indicators for the stock are neutral and S&P gives ODP a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on ODP the stock seems like it could be a candidate for an October covered call above the 2.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

Click Symbol For More News On: (ODP)