UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on Xerox

In a report published Wednesday, BMO Capital Markets reiterated its Market Perform rating on Xerox Corporation XRX, but slightly lowered its price target from $8.50 to $7.75. BMO Capital Markets noted, “We remain MARKET PERFORM on XRX. We fail to see a catalyst for the stock, despite valuation, at this time. We think that unless the consistency of financial results improves, the stock will not work, in our judgment. We think that XRX needs a few quarters of consistent revenue growth and improved margins, in addition to strong signings, to gain credibility as a top-tier services provider.” Xerox Corporation closed on Tuesday at $6.67.