Staples Rating Reiterated by Zacks (SPLS)
Staples (NASDAQ:SPLS)‘s stock had its “neutral” rating reiterated by Zacks in a report issued on Friday, Stock Ratings Network reports. They currently have a $15.00 price objective on the stock. Zacks‘ price target points to a potential upside of 2.95% from the company’s current price.
Zacks‘ analyst wrote, “Staples continues to disappoint as lower sales and product margins took a toll on the second-quarter fiscal 2013 earnings. Both the top and bottom-line missed the Zacks Consensus Estimates while decreasing 2.2% and 15.8%, respectively. Going forward, we expect the demand for office products to remain soft. Moreover, margins are likely to remain under pressure owing to the company’s price investment and macroeconomic headwinds. Given the near-term challenges, the company lowered its earnings and sales guidance for fiscal 2013. However, Staples has shifted focus toward improving store productivity, accelerating growth in adjacent categories, increasing market share in core office supplies and streamlining its cost structure, which we believe would benefit the company as the economy rebounds and consumer spending increases. Currently, we maintain our Neutral recommendation on the stock. “
A number of other firms have also recently commented on SPLS. Analysts at JPMorgan Chase & Co. downgraded shares of Staples (NASDAQ:SPLS) from an “overweight” rating to a “neutral” rating in a research note to investors on Friday, August 30th. They now have a $15.00 price target on the stock, down previously from $17.00. Separately, analysts at Deutsche Bank cut their price target on shares of Staples (NASDAQ:SPLS) from $14.00 to $13.00 in a research note to investors on Friday, August 23rd. Finally, analysts at Credit Suisse downgraded shares of Staples (NASDAQ:SPLS) from an “outperform” rating to a “neutral” rating in a research note to investors on Friday, August 23rd. They now have a $15.00 price target on the stock, down previously from $17.00.
Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $14.41.
Staples (NASDAQ:SPLS) traded up 0.10% on Friday, hitting $14.585. The stock had a trading volume of 3,016,972 shares. Staples has a 52 week low of $10.94 and a 52 week high of $17.30. The stock’s 50-day moving average is $15.65 and its 200-day moving average is $14.71. The company’s market cap is $9.633 billion.
Staples (NASDAQ:SPLS) last announced its earnings results on Wednesday, August 21st. The company reported $0.16 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.18 by $0.02. The company had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the company posted $0.18 earnings per share. The company’s quarterly revenue was down 2.2% on a year-over-year basis. Analysts expect that Staples will post $1.23 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, October 17th. Stockholders of record on Friday, September 27th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Wednesday, September 25th.
Staples, Inc (NASDAQ:SPLS) is an office products company.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.