UPDATE: BMO Capital Markets Lowers Target to $9 on Xerox

BMO Capital Markets maintains its Perform rating on Xerox 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.