Janney Cuts Estimates, Price Targets on Staples (SPLS), Office Depot (ODP) Ahead of Q2 Results

Article Stock Quotes (3) Comments (0)

Janney Capital's David Strasser reduced second-quarter earnings estimates and price targets on two companies in the Office Supply Retail sector Tuesday morning. The analyst now sees shares of Staples (Nasdaq: SPLS) rising to $15 over the next 12 months, down from $18 previously, and sees Office Depot (NYSE: ODP) shares rising to $3, down from a prior target of $6. Buy ratings were maintained on both names.

The analyst pointed at an acceleration in sales over May and June, contract sales which are moderating, and continued trouble in Europe. Strasser's earnings estimates for Staples, Office Depot and OfficeMax are now all below the Street's consensus views.

Strasser maintained a $12 price target and Buy rating on shares of OfficeMax (NYSE: OMX).

The revisions come ahead of quarterly results from the companies in the sector. Staples will report on August 15th, Office Depot will report on August 7th, and Office Max will report on August 2nd.

Staples shares are down 1.6 percent to $12.26 Tuesday afternoon, shares of Office Depot are down 1.7 percent to $1.86, and shares of OfficeMax are down 2.9 percent to $4.33.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• Morgan Stanley Says Tesla (TSLA) 'Top Pick in U.S. Autos'
• Deutsche Bank Takes Aegerion (AEGR) Price Target from $52 to $85
• UBS Survey Shows Signs of Strength for Gilead's (GILD) TAF

Create E-mail Alert Related Categories

Analyst Comments, Analyst EPS Change, Analyst PT Change

Related Entities

Earnings

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?