Staples Upgraded to Outperform at Credit Suisse (SPLS)
Staples (NASDAQ:SPLS) was upgraded by Credit Suisse from a “neutral” rating to an “outperform” rating in a research note issued on Tuesday, TheFlyOnTheWall.com reports.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Staples in a research note on Friday. They now have a $12.00 price target on the stock. Separately, analysts at Wolfe Research downgraded shares of Staples to an “underperform” rating in a research note on Wednesday, July 23rd. Finally, analysts at Goldman Sachs initiated coverage on shares of Staples in a research note on Tuesday, June 24th. They set an “underweight” rating and a $11.00 price target on the stock. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $12.39.
Shares of Staples (NASDAQ:SPLS) opened at 11.68 on Tuesday. Staples has a 1-year low of $10.70 and a 1-year high of $16.67. The stock has a 50-day moving average of $11.28 and a 200-day moving average of $11.77. The company has a market cap of $7.524 billion and a P/E ratio of 14.52. Staples also was the recipient of a large decrease in short interest in August. As of August 15th, there was short interest totalling 87,475,245 shares, a decrease of 8.2% from the July 31st total of 95,335,555 shares. Approximately 13.6% of the company’s shares are short sold. Based on an average daily trading volume, of 7,114,995 shares, the days-to-cover ratio is presently 12.3 days.
Staples (NASDAQ:SPLS) last posted its quarterly earnings results on Wednesday, August 20th. The company reported $0.12 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.11 by $0.01. The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.16 billion. During the same quarter last year, the company posted $0.16 earnings per share. Staples’s revenue was down 1.8% compared to the same quarter last year. On average, analysts predict that Staples will post $0.97 earnings per share for the current fiscal year.
Staples, Inc (NASDAQ:SPLS) is an office products company.
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