Jefferies Updates Estimates on Staples

Jefferies is updating estimates on Staples SPLS following 3Q results. Staples 3Q sales were in line with preannounced expectations at $6.54 bn, up 0.3% and in line by major business segment. FY11 EPS guidance was narrowed to $1.27-$1.29 from $1.25-$1.29, reflecting Q3 results. Jefferies is raising their FY11 and FY12 EPS estimates to $1.28 and $1.55 from $1.26 and $1.54, respectively. SPLS is trading at $21.20.