Goldman Sachs Upgrades Staples, Inc. (SPLS) to Neutral

Goldman Sachs upgraded Staples, Inc. (NASDAQ: SPLS) from Sell to Neutral with a price target of $16.00 (from $14.00). The change follows its agreement to acquire Office Depot (NASDAQ: ODP).

Analyst Matthew J. Fassler said, "We upgrade SPLS to Neutral from Sell; we raise our 12-month price target to $16 from $14 to reflect the firm’s increased willingness to commit capital more aggressively. We raise the relative P/E assumptions in our risk/reward framework to worst/base/best cases of 85%/100%/115% from 80%/84%/103%."

For an analyst ratings summary and ratings history on Staples, Inc. click here. For more ratings news on Staples, Inc. click here.

Shares of Staples, Inc. closed at $16.97 yesterday.

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