SPLS, ODP: Analysts Upgrade, Downgrade Office Supply Stocks

Goldman Sachs sees better prospects for Office Depot

   

Shares of Office Depot (ODP) jumped in Tuesday morning trading, while shares of Staples (SPLS) fell after a major investment bank gave contrasting outlooks for each stock.

trading volumeODP shares gained almost 3% after analysts at Goldman Sachs (GS) upgraded ODP from a prior rating of “Neutral” to a rating of “Buy.” In addition to the rating boost of ODP, Goldman Sachs hiked its price target for ODP stock from $5.40 per share to $7 per share, The Street notes.

Staples Disappoints, Continues Slide Toward Irrelevance
Staples Disappoints, Continues Slide Toward Irrelevance

Goldman Sachs wasn’t so optimistic about SLPS, downgrading its rating for SLPS stock from “Neutral” to “Sell.” GS also cut its target price for SLPS shares from $11.50 to $11, Benzinga notes.

SPLS shares sank more than 1% in Tuesday morning trading.

On Friday, ODP stock closed at $5.04 per share, while SPLS closed at $11.65 a share.

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Article printed from InvestorPlace Media, http://investorplace.com/2014/05/spls-odp-analyst-upgrade-downgrade-office-supply-stocks/.

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