OfficeMax upgraded at Credit Suisse to ‘outperform’
OfficeMax Incorporated (NYSE:OMX) shares are marginally higher today after the office supply retailer was upgraded ahead of the opening to “outperform” from “neutral” by Credit Suisse. The research firm said that the Naperville, Ill.-based company had strong balance sheets. Yesterday, Piper Jaffray downgraded the company to “neutral” from “buy” based upon a bleak second-quarter outlook for OfficeMax’s competitor Office Depot (NYSE:ODP), a possible sign of weakness in the sector.
OfficeMax is down more than 68% for the year, but it is trading slightly higher today at $11.91, up $0.06 or 0.51% from Wednesday’s close.
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