Morgan Stanley Reiterates Overweight Rating on Staples
In a report published Wednesday, Morgan Stanley reiterated its Overweight rating on Staples (NASDAQ: SPLS).
Morgan Stanley noted, “2Q results were below expectations across the board as management lowered its full-year sales and EPS guidance. Following somewhat weaker competitor results, the shortfall is disappointing, but not totally unexpected. While the company reiterated its $1+ bn FCF guidance and repurchased $159 mm of shares in the quarter, it will likely need to make clearer plans to cut costs for investors to believe in medium-term cash flows.”
Staples closed on Tuesday at $13.46.
Latest Ratings for SPLS
|Nov 2014||JP Morgan||Maintains||Neutral|
|Nov 2014||Morgan Stanley||Maintains||Underweight|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.