OfficeMax upgraded to Buy from Hold at KeyBanc KeyBanc upgraded OfficeMax (OMX) and Office Depot (ODP) to Buy from Hold given the potential synergies from the merger. The firm expects the FTC to approve the deal and that the use of tax credits and NOLs will support earnings upside and free cash flow expectations. OfficeMax price target is $14.50 and Office Depot's is $4.80.
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