Bangalore (Reuters) - Oppenheimer & Co cut its rating of Staples Inc. (GPS).(O) and OfficeMax Inc. (OMX).(N) to "run" to "outperform", saying sales trends for Office supplies retailers appear unlikely to rebound so soon.
On Wednesday, Staples, more Office world supplies retailer reported disappointing earnings and reduced his year complete forecasts, echoing the results displayed by small rivals Office Depot Inc. (ODP.)(N) and OfficeMax, as clients and client businesses spend less on Office supplies.
"We do not expect the actions of well positioned even Office products chain moving substantially higher, the absence of clear evidence of better sales" analysts led by Brian Nagel, who supported their rating on Office Depot "run", said in a note to clients.
"We expect growth jobs still soft white collar and the current upheaval in the credit markets to weigh on the request of at least the balance of 2011 Office products," said the analysts.
Shares of Staples closed to $16.63 Wednesday on the Nasdaq, while actions OfficeMax closed at $8.26 at the New York Stock Exchange. Office Depot shares closed at $4.16 on the New York Stock Exchange.
(Reported by Abhishek Takle in Bangalore.) (Editing by Jarshad Kakkrakandy)
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