Market Overview

UPDATE: Citigroup Downgrades Staples to Sell; Q2 Highlights Ongoing Challenges

Related SPLS
USell: An Unknown ReCommerce Marketplace With An Impressive Growth Story
Office Depot's Strategic Initiatives Lead to 52-Week High
Staples to Offer 110% Back-to-School Price Match (Fox Business)

Citigroup reduced its rating on Staples (NASDAQ: SPLS) from Neutral to Sell and lowered its price target from $15 to $10.

Citigroup noted, "Our downgrade is driven by: 1) increased potential for margin pressure from new eCommerce pricing initiatives, 2) a deteriorating European macro environment, and 3) a secularly challenged business with high tech product mix, but lack of Apple products in the US. We believe there is potential for further downward movement for the stock as LT investors are likely to unwind positions and wait for a restructuring plan to materialize."

Staples closed at $11.49 on Wednesday.

Latest Ratings for SPLS

DateFirmActionFromTo
Sep 2014Credit SuisseUpgradesMarket PerformOutperform
Jun 2014Morgan StanleyInitiates Coverage onUnderweight
May 2014Goldman SachsDowngradesNeutralSell

View More Analyst Ratings for SPLS
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (SPLS)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters

Benzinga Professional