UPDATE: Morgan Stanley Cuts PT to $18 on Staples; Growth Yet to Materialize
Morgan Stanley reiterates its Overweight rating on Staples (NASDAQ: SPLS) and cuts its price target from $19 to $18 on shares.
Morgan Stanley comments, "We remain OW, as 2-3% revenue growth looks attainable as adjacent category sales continue to grow and core supplies stabilize. At ~9x ‘13E EPS, secular concerns are fully reflected. We believe mid-term upside could result from share gains, margin improvement, and eventually cyclical improvement."
SPLS closed at $13.91 on Wednesday.
Latest Ratings for SPLS
|May 2016||Bank of America||Upgrades||Neutral||Buy|
|May 2016||Deutsche Bank||Maintains||Hold|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.