J.P. Morgan Lowers PT On SPLS To $19

J.P. Morgan has lowered its price target from $20 to $19 on Staples

based on an overselling of the stock in Morgan's eyes. Says J.P. Morgan, in its report, “investors are likely to remain apathetic until we get clarity on the economic backdrop domestically and internationally. We received a number of questions on why the stock didn't get a greater “relief rally” on Wednesday, and we believe this uncertainty, the lack of August commentary, and management not “lowering the bar” following recent uneven results gave the day to the skeptics. Overall, we believe that patience is required and look for macro cues on when to become more aggressive with the stock.” J.P. Morgan maintains an Overweight rating on the stock. SPLS closed at $14.29 yesterday.