UPDATE: Citi Lowers PT on Xerox to $12

Citi is out with its report today on Xerox (NYSE: XRX), lowering its PT from $13 to $12.

In its report, Citi writes, "While we would not characterize Xerox's 3Q11 as the cleanest quarter we have every witnessed, we believe that Xerox remains a double-digit EPS grower with a teens free cash flow yield selling at 7X FTM non-GAAP EPS. This represents a compelling story, in our opinion, and we continue to rate the shares Buy with a $12 price target (implying a 50% move from current levels)."

At the time of posting, shares of XRX were trading pre-market at $8.10, up 1.00% from Tuesday's close.