Staples (SPLS) Downgraded by Oppenheimer to Perform

Staples (SPLS) has been downgraded by Oppenheimer to a Neutral rating.  SPLS had been rated at Outperform which has since been decreased to Perform by Oppenheimer.  Price target has been lowered from $26 to $19 dollars.

Staples is slated to have their next earnings release on Aug 18, 2011.  Shares of SPLS are currently trading below its 50 & 200 day moving averages.  SPLS is currently trading with a yearly loss overall for 2011.

The company has a market cap of about $12,084,000,000 and 723,195,000 shares outstanding.

Staples, Inc. (SPLS) and its subsidiaries are the world’s leading office products company, is committed to making it easy for customers to buy a wide range of office products and services. They pioneered the office products superstore concept by opening the first office products superstore in Brighton, Massachusetts in 1986 to serve the needs of small businesses, and currently serve customers of all sizes in 26 countries throughout North America, Europe, Australia, South America, and Asia.

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