OfficeMax shares surge after upgrade

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25 August 2005 – Itasca (IL): OfficeMax shares surged 7.2 per cent to $29.45 yesterday on the New York Stock Exchange, after being upgraded by Credit Suisse First Boston (CSFB).

 

In a research note, Gary Balter, analyst at CSFB expressed confidence in the company’s new CEO, Sam Duncan. Balter expects the company to close or sell a large number of stores and to improve its supply chain in an effort to boost Q4 results.

 

However, he added that if the turnaround falls short, the business could be broken up.