Tigress Sees Xerox Corp. Turnaround Going Nowhere

Xerox Corp.

, once a member of the "nifty fifty" in the go-go 1960s, will continue to trend negatively in the next 12 months, an analyst said Friday. Norwalk, Connecticut-based Xerox has failed to stabilize a decline in its documents business while efforts to spark growth in its services unit haven't born fruit, Tigress' Ivan Feinseth said. Feinseth downgraded Xerox to Underperform, from Neutral, noting a 12-month sales decline of nearly 7 percent and narrowing margins. Xerox is off 18 percent in the year to date, but Feinseth said he still has "valuation concerns" about its share price. Xerox changed hands recently at $11.36, up $0.35 cents. "We have fundamental concerns about the direction of the company and management's execution," Feinseth said. The company last month cut its 2015 profit forecast on currency concerns, and said full-year revenue will fall 1 percent. Xerox, once a leader in photocopying, famously invented the computer mouse and made big strides in graphical user interface technology and the personal computer during the 1970s. But the technology was sold to Apple Inc.

, which released its Macintosh computer in 1984.