In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating on Staples SPLS, and raised its price target from $14.00 to $17.00.
J.P. Morgan noted, “Following its recent disappointing earnings report (including lowered guidance) and competitors' commentary at an industry conference we are updating our price target and estimates for SPLS. Our 2012 EPS estimate is lowered to $1.37 from $1.48 (including the $0.03 miss to 2Q) and 2013 is reduced to $1.40 from $1.60. These compare to consensus of $1.37 and $1.43, respectively. FY12 guidance is now for EPS up LSD (or ~$1.38-$1.41 from $1.46-$1.49). We are establishing our price target for Dec 2013 (from 2012) and simultaneously lowering it to $14 (from $17).”
Staples closed on Tuesday at $11.37.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in