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In a report published Friday, Credit Suisse analyst Seth Sigman downgraded the rating on Staples, Inc. (NASDAQ: SPLS) from Outperform to Neutral, but reiterated the $15.00 price target.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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In the report, Credit Suisse noted, “On the fundamentals, we continue to look for evidence that the margin degradation with in the North American Stores and Online segment has stabilized. We model an additional 90 bps of annual EBIT margin decline in 2015 (on top of the 221 bps we estimate for 2014). With an estimated sales decline of 5% in this segment in 2015, we are forecasting an operating income decline of 24% y/y for this segment. While we should see stabilizing trends in SPLS' Contract and International segments, given the importance of Retail to SPLS' company-wide operating income (an estimated 49% of 2014's EBIT mix), it may keep EBITDA growth for SPLS under pressure.”
Staples closed on Thursday at $17.74.