UPDATE: BMO Capital Markets Lowers Target to $9 on Xerox
BMO Capital Markets maintains its Perform rating on Xerox (NYSE: XRX) and lowers its price target to $9 (down $0.50) on disappointing quarterly results.
BMO Capital Markets says, "XRX reported disappointing December Q results, as both revenues and EPS missed our and consensus estimates. XRX reported revenues of $5.96 billion versus our/consensus estimate of $6.07 billon/$6.03 billion. Further, EPS was $0.33, in line with our/consensus estimate, with significant help from one-time items and lower tax rate."
XRX closed at $7.81 a share on Wednesday.
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