UPDATE: BMO Capital Markets Upgrades Xerox Corporation to Outperform on Execution, Valuation
BMO Capital Markets upgraded Xerox Corporation (NYSE: XRX) from Market Perform to Outperform and raised the price target from $9.00 to $10.00.
BMO Capital Markets said, "After several years of inconsistent results, we believe that XRX can improve execution across a variety of metrics that can move the shares higher. We believe that positive y/y CC revenue growth, positive y/y growth in services signings, improving mix of services as a percentage of total revenue, stable or modestly improving operating margins, and more balanced capital allocation with a gradually growing dividend, can all lead to multiple expansion over the course of CY13."
Xerox Corporation closed at $7.93 on Friday.
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