ARGUS Downgrades Lexmark International (LXK) to Hold
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ARGUS downgrades Lexmark International Inc. (NYSE: LXK) from Buy to Hold.
ARGUS analyst says, "Our revised earnings and cash flow projections suggest limited upside for the stock in the near term. Furthermore, we note that LXK has already outperformed the market so far this year with a decline of less than 5%, compared to the broad market's 14% drop. We now project earnings growth of just 4% this year and a 4% decline next year, so we think the outperformance is unlikely to continue. We also note that Lexmark's Business segment, which accounts for 65% of total revenues, is feeling the crunch from the weak U.S. financial services sector as well as from reduced government spending."
Lexmark International, Inc. (Lexmark) is a developer, manufacturer and supplier of printing and imaging solutions for offices and homes.
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