J.P. Morgan Lowers PT on Staples

According to a recent report, J.P. Morgan has lowered the price target on Staples SPLS from $25.00 to $22.00 due to a lack of near-term urgency. In the report, J.P. Morgan said, "We believe the stock is oversold and has a solid longer term story, but urgency is lacking in the near term with macro catalysts driving the bus from now until ODP/OMX earnings in late July (and 2Q is the seasonally weakest quarter, which elevates deleverage risk)." Staples closed yesterday at $16.96.