UPDATE: Deutsche Bank Downgrades Lexmark International to Sell on Exit From Inkjet Business

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Deutsche Bank reduced its rating on Lexmark International (NYSE: LXK) from Hold to Sell with a reiterated $18 price target. Deutsche Bank commented, "We believe LXK generates ~15% of its 2012 revenue from inkjet hardware and supplies and we estimate ink comprises ~$2.50+/share in earnings in FY12. Over the next few years, we expect this earnings stream to trend towards zero, declining at a 35-40% Y/Y clip as the installed base shrinks following the exit of hardware production. This earnings exposure is substantial and it remains unclear how LXK will sustain EPS over the medium term. In the meantime, we expect competition in laser to heat up."Lexmark International closed at $25.45 on Wednesday.

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