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Bull of the Day: Office Depot (ODP)

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The market has been doing well since bottoming out on Christmas Eve. Since then, stocks are up 13.5% off the lows. While it may be tempting to close your eyes and buy everything that’s moving, you may be headed for disappointment when the market run finally tapers off. Regardless of what happens with the market in the short-term, there are long-term recipes for success you can apply in any market. Among them, looking for stocks with earnings estimates that are moving in a positive direction over time. One way to do that, is to look for stocks that are Zacks Rank #1 (Strong Buy) stocks. These are stocks that have seen analysts make bullish moves, increasing their profit estimates quarter after quarter.

One of these stocks is today’s Bull of the Day, Office Depot (ODP - Free Report) . Office Depot, Inc., together with its subsidiaries, provides various products and services. It operates in three divisions: Retail, Business Solutions, and CompuCom. The Retail division operates retail stores, which offer office supplies; technology products and solutions; business machines and related supplies; print, cleaning, breakroom, and facilities products; and office furniture in the United States, Puerto Rico, and the U.S. Virgin Islands. Its stores also provide printing, reproduction, mailing, and shipping services. As of December 31, 2017, this division operated 1,378 office supply stores. 

The reason for the positive Zacks Rank lies in the recent earnings estimate revisions coming from analysts. Over the last sixty days, analysts have increased their estimates for the current year and next year. The bullish sentiment has increased the current year Zacks Consensus Estimate from 33 cents to 34 cents while next year’s number has gone up from 37 cents to 40 cents. These bullish revisions have helped underpin a move off the lows recently.

Zacks' Top 10 Stocks for 2019

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Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.

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