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Barclays Cuts Estimates and Price Target on Lexmark (LXK) Again! Second Time in Two Days

July 13, 2012 3:14 PM EDT Send to a Friend
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Price: $50.74 -0.7%

Rating Summary:
    0 Buy, 4 Hold, 8 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 9 | New: 0
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Barclays maintains an 'Underweight' on Lexmark International (NYSE: LXK) price target of $21.00 (from $24.00).

Analyst, Ben A. Reitzes, said, "Lexmark's pre-announcement was even below our recently lowered estimates in our downgrade note yesterday...cited weaker-than-expected demand in Europe and negative currency headwinds as reasons for the lower guidance."

Reitzes lowers Q2 EPS estimate from $0.98 to $0.88, Q2 revenues cut from $950M to $920M. For FY12, EPS estimate cut from $4.16 to $3.53, revenues lowered from $3.89B to $3.73B. FY13 cut from $4.08 to $3.25 and revenues from $3.78B to $3.56B.

To see yesterday's downgrade note, click here

For an analyst ratings summary and ratings history on Lexmark International click here. For more ratings news on Lexmark International click here.

Shares of Lexmark International closed at $24.31 yesterday.




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