08:35 AM EDT, 05/09/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We cut our 12-month target to $51 from $64, 8x our 2024 EPS of $6.40 (up from $5.81; 2025 up to $7.10 from $6.46) vs. 10x long-term average forward P/E. Q1 adj-EPS of $1.05 (-41% Y/Y) missed by $0.62 on sales of $1,871M (-11% Y/Y). Cautious business spending and delays in the onboarding of new customers at ODP Business Solutions impacted results, while reduced consumer activity affected Office Depot's sales. ODP is off to a slow start to 2024. That said, ODP is accelerating cost savings under its Project Core strategy. ODP confirmed the low end of its 2024 sales guidance (-2% to -5%) but surprisingly raised its adj-EBITDA and adj-EPS outlook. The company now targets 2024 adj-EPS between $6.30 to $6.60, up from $5.60 to $5.80, along with 2024 adj-EBITDA of $430M to $450M, up from $410M to $430M. FCF of $200M+ is expected this year. ODP repurchased $90M shares YTD and expects to continue buying back shares ($1B authorization announced last quarter). We see a buying opportunity following the recent sell-off.