UPDATE: Citi Color on Office Depot PT Decrease

Citi, which lowered its PT on shares of Office Depot (NYSE: ODP), is providing some color on the stock.

“We are lowering our 2Q11 estimates to a loss of ($0.11) from a loss of ($0.07) based on lower sales growth assumptions,” Citi writes. “Our FY11 estimates go to a loss of ($0.04) from $0.00. We are maintaining our FY12/13 estimates at $0.21 and $0.24 respectively.”

Office Depot closed Friday at $3.87.