UPDATE: Credit Suisse Reduces Target to $9 Xerox

Credit Suisse reiterates its Neutral rating on Xerox (NYSE: XRX) and lowers its price target to $9 from $10 following mixed results.

Credit Suisse says, “Following mixed Q4 results where in-line EPS of $0.33 was driven largely by below the line items (lower tax rate, one off gains, and a lower share count), we lower our 2012 EPS by 5% to $1.15. Our 2013 EPS estimate is also lowered to $1.25 from $1.44. Management reset the bar on 2012 guidance and now expects revenue growth/EPS of +2%/$1.12-$1.18 (versus +4 6%/$1.18-$1.28 previously). Given lower visibility ahead on both revenue growth in Technology and OMs in Services, we maintain our Neutral rating.”

XRX closed at $7.81 a share on Wednesday.