Staples stock was recently down 66 cents, or 2.5%, at $25.67.

While Sims has identified "four drivers of our high conviction recommendation" -- including North American sales growth, European operating margin expansion, retail trends, and the prospect of a minimum of mid-single-digit square-footage growth -- his stock call is based on faith.

"Regardless of the sustainable momentum Staples is likely to see for the next several years, our conviction in this call is driven by our increasing confidence in Staples' management team," Sims said in his note.

He recently spent a day with Staples' president and chief operating officer. "Mile Miles is smart, personable and candid," Sims explained. "Mike represents the best of the Staples' management team, free of arrogance and airs. How does this translate into an investable idea? Staples provides what every investor wants. Transparency."