Susquehanna Starts Lexmark International Inc. (LXK) at Neutral

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Susquehanna initiates coverage on Lexmark International Inc. (NYSE: LXK) with a Neutral rating, citing tough comps around the corner.

The firm notes, "...as we see 1-2 more quarters of solid fundamentals and cyclical tailwinds, and expect 3QFY10 EPS above consensus. However, we have a long-term negative bias based on our installed base analysis that suggests the Street is underestimating the cyclicality of Lexmark's business, as well as the ceding of market share gains back to HP in Laser printers."

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