Barclays Cuts Estimates and Price Target on Xerox (XRX); Mounting Challenges for Printing Sector

July 12, 2012 3:40 PM EDT
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Price: $6.89 --0%

Rating Summary:
    10 Buy, 3 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 17 | New: 10
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Barclays maintains an 'Equalweight' on Xerox (NYSE: XRX) price target of $8.00 (from $9.00).

Analyst, Ben A. Reitzes, said, "Our research continues to point toward increased pressure on printing due to secular and macroeconomic headwinds. More specifically, we believe the structural issues that we highlighted in the inkjet market like the rise of mobility may be spreading to the business market a bit."

Reitzes also notes that as younger workers join the workforce, they may be doing less printing (and more with mobile apps). FY12 EPS estimate cut from $1.09 to $1.11 and revenues from $22.77B to $22.54B. FY13 lowered from $1.21 to $1.18.

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

Shares of Xerox closed at $7.62 yesterday.

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