Janney Montgomery Scott Upgrades Staples, Inc. (SPLS) to Buy; Own Employment Over Housing

January 3, 2011 7:48 AM EST
Get Alerts SPLS Hot Sheet
Price: $9.33 +1.74%

Rating Summary:
    4 Buy, 18 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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Janney Montgomery Scott upgraded Staples, Inc. (NASDAQ: SPLS) from Neutral to Buy. PT $27.

JMS analyst says, "Concurrently, we are raising our 2011 EPS estimate to $1.57 (previously, $1.53), ahead of consensus of $1.54. Our fair value estimate goes to $27 (previously, $21) based on a 17x multiple on our 2011 EPS estimate."

"We believe that Office Depot (NYSE: ODP) and OfficeMax (NYSE: OMX) - both on an absolute and relative basis - provide for higher potential returns over the medium term. However, risk-reward is stronger for SPLS as downside is more limited due to its ability to effectively manage the P&L and utilize the balance sheet in different economies."

For more ratings news on Staples, Inc. click here and for the rating history of Staples, Inc. click here.

Shares of Staples, Inc. closed at $22.77 yesterday.

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