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Upgrade Alert for Staples (SPLS)

By James Quinn

Staples (NASDAQ:SPLS) was upgraded from Neutral to Buy at BofA/Merrill today. The stock closed yesterday at $8.28 on volume of 10.4 million shares, above average daily volume of 9.5 million.

There is potential upside of 118.7% for shares of Staples based on a current price of $8.28 and an average consensus analyst price target of $18.11. Staples shares should first meet resistance at the 50-day moving average (MA) of $10.37 and find additional resistance at the 200-day MA of $11.40.

Staples, Inc. retails office supplies, furniture, and technology. The Company's customers include consumers and businesses in the United States, Canada, the United Kingdom, and Germany. Staples serves its customers through office superstores, mail order catalogs, the Internet, and a contract business.

Staples share prices have moved between a 52-week high of $16.84 and a 52-week low of $8.00 and closed yesterday at 3% above that low price at $8.28 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 0.7%.

SmarTrend is monitoring the recent change of momentum in Staples. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Staples in search of a potential trend change.

Keywords: analyst upgrades/downgrades Staples

Ticker(s): SPLS