Citigroup Reiterates Neutral Rating, $15 PT on Staples
In a report published Wednesday, Citigroup reiterated its Neutral rating and $15.00 price target on Staples (NASDAQ: SPLS).
Citigroup noted, “We remain on the sidelines for SPLS as we see limited risk adjusted upside from current levels on 1) a still challenging macro both in the U.S. and internationally, 2) a slowly improving but still tentative small business customer, 3) intense competitive pressures/commoditized channel, and 4) continued structural challenges in the company's international business. While the company is making progress, we think there is still time before we see either a significant improvement in the top line or margin. We would become more positive on the name if we started to see some better-than-expected margin improvement before 2013, all else equal.”
Staples closed on Tuesday at $13.46.
Latest Ratings for SPLS
|Dec 2014||Bank of America||Upgrades||Underperform||Buy|
|Dec 2014||Wolfe Research||Upgrades||Underperform||Peer Perform|
|Dec 2014||Morgan Stanley||Upgrades||Underweight||Equal-weight|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.