Zacks Investment Research downgraded shares of Xerox Corp. (XRX) from NEUTRAL to UNDERPERFORM on August 13, 2012, with a target price of $6.50.
We have downgraded our recommendation on Xerox to Underperform from Neutral with a target price of $6.50. The company reported adjusted profit of $0.26 per share in the second quarter of 2012, in line with the Zacks Consensus Estimate. Revenues in the quarter dipped 1% in the quarter and missed the Zacks Consensus Estimate. The company lowered its full year EPS guidance to $1.07-$1.12 from $1.12 $1.18 due to soft technology business. Although Xerox's Services business is improving, economic weakness in Europe along with stiff competition from peers are significant headwinds going forward.
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