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
|Sep 2014||Credit Suisse||Upgrades||Market Perform||Outperform|
|Jun 2014||Morgan Stanley||Initiates Coverage on||Underweight|
|May 2014||Goldman Sachs||Downgrades||Neutral||Sell|
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