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Fly News Breaks for June 22, 2017
SPLS
Jun 22, 2017 | 07:52 EDT
After Reuters reported that buyout firm Sycamore Partners is in advanced discussions to acquire Staples, Deutsche Bank analyst Mike Baker says that Staples could be acquired in an LBO "in the high $9 (per share) range." Baker assumes its new owners would be able to improve its margins by 25 basis point per year, enabling its EBITDA margin to reach 8.5% by 2021, up from 6.9% in 2016. He keeps a Hold rating and $8 price target on the stock, citing what he sees as its "weak sales and/or profit trends."
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