Gabelli Has Buy on Xerox Corp

Gabelli & Co. is out with a research report on Xerox (NYSE: XRX) and it has a Buy rating on shares.

In a note to clients, Gabelli & Co. writes, "Despite of the current short visibility and the global macroeconomic uncertainty, Xerox continues to show resiliency of its annuity revenue and execution in growing its business process outsourcing market.

Mgmt is expecting continued macroeconomic headwinds in the U.S. and Europe, and no improvement in economic environment in 4Q11. Xerox anticipates no negative impact of Thailand flooding disaster."

Shares of XRX are up 20 cents to $8.22.