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Staples Downgraded to “Market Perform” at Bernstein (SPLS)

By Dividend.com,  July 11, 2012, 09:13:09 AM EDT

Office supply giant Staples, Inc. ( SPLS ) on Wednesday caught a big downgrade from analysts at Sanford C. Bernstein & Co.

The firm said it cut its rating on SPLS from "Outperform" to "Market Perform" while lowering its price target from $18 to $14. That new target suggests an 8% upside to the stock's Tuesday closing price of $12.97.

Staples shares, which have fallen around 6.5% year-to-date, fell another 20 cents, or -1.5%, in premarket trading Wednesday.

The Bottom Line
Shares of Staples ( SPLS ) have a 3.39% dividend yield, based on last night's closing stock price of $12.97. The stock has technical support in the $11.50-$12.50 price area. If the shares can firm up, we see overhead resistance around the $15-$16 price levels.

Staples, Inc. ( SPLS ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: SPLS



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