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Fly News Breaks for December 11, 2015
SPLS
Dec 11, 2015 | 09:05 EDT
BofA/Merrill downgraded Staples (SPLS) two notches to Underperform from Buy and lowered its price target to $9 from $21 on shares following the FTC decision to block the merger with Office Depot (ODP). Analyst Denise Chai said both companies are likely to stand on their own as competitors in a challenging industry and increase restructuring efforts. Chai said Staples has a long way to go to cut its store base and does not see any positive catalysts given soft industry trends.
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