UPDATE: BMO Capital Markets Reiterates on Xerox Following Annual Analyst Meeting

In a report published Wednesday, BMO Capital Markets analyst Keith Bachman reiterated an Outperform rating on Xerox Corporation XRX, and raised the price target from $10.50 to $11.50. In the report, BMO Capital Markets noted, “We come away from XRX annual analyst meeting a bit more encouraged. We found the strategy and detail more compelling than in years past. We believe that the new CFO is having a positive impact. With that said, we believe that XRX needs to execute more consistently against stated goals. Over the past few years, XRX has consistently missed top- and bottom-line guidance. However, at this point, we believe that expectations are realistic. We are not willing to suggest estimates have upside tension, but we think the valuation is reasonable such that XRX delivering on our/consensus expectations will cause the stock to move higher.” Xerox closed on Tuesday at $10.69.