Jefferies Reiterates Hold on Staples

Jefferies is out with its report today on Staples SPLS, reiterating Hold. In its report, Jefferies writes, "EPS came in at $0.22, beating low expectations and coming in at high end of reduced guidance. The main deviation from expectations, was improvement in International sales and profit. However, continued erosionin the NA profit rate and broader macro and secular concerns are likely to keep stock multiple depressed." Jefferies maintains a $14 PT on SPLS. At the time of posting, shares of SPLS were trading pre-market at $14.00, down 2.03% from Wednesday's close.