Xerox Initiated at Sell. It's 'a Show Me Stock,' Citi Says. -- Barrons.com

Dow Jones06-28 19:37

By Emily Dattilo

Workplace technology company Xerox is in the midst of a refresh, and it has a lot to prove, according to Citi analysts.

Asiya Merchant and Michael Cadiz initiated coverage of Xerox with a Sell recommendation and price target of $11.

Xerox stock was down 1.2% to $11.91 in premarket trading Friday. Futures tracking the S&P 500 rose 0.4%.

The company is going through major restructuring as it grapples with flat-to-declining revenue, Citi wrote. It's also pivoting to specialized digital/information technology service markets which analysts believe will take both time and dollars and pose possible challenges to improving operating income.

Xerox "remains a trusted provider of printer hardware/services," the analysts said, but the company has pushed through the pandemic under a restructuring and the future looks cloudy.

"Post-pandemic, it remains difficult for investors to have confidence in Xerox's combination of continued restructuring and cost-cutting while simultaneously refocusing the company on a fragmented, competitive, and OpEx-intensive Services market while concurrently improving margins to double digits," analysts wrote.

Simply put, it's "a Show Me stock," they added.

In April, Xerox reported a loss in its first quarter. In January, the company announced a new operating model and organizational structure that included a 15% workforce reduction.

Write to Emily Dattilo at emily.dattilo@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

June 28, 2024 07:37 ET (11:37 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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It's also pivoting to specialized digital/information technology service markets which analysts believe will take both time and dollars and pose possible challenges to improving operating income. \n\n\n     Xerox \"remains a trusted provider of printer hardware/services,\" the analysts said, but the company has pushed through the pandemic under a restructuring and the future looks cloudy. \n\n\n     \"Post-pandemic, it remains difficult for investors to have confidence in Xerox's combination of continued restructuring and cost-cutting while simultaneously refocusing the company on a fragmented, competitive, and OpEx-intensive Services market while concurrently improving margins to double digits,\" analysts wrote. \n\n\n     Simply put, it's \"a Show Me stock,\" they added. \n\n\n     In April, Xerox reported a loss in its first quarter. In January, the company announced a new operating model and organizational structure that included a 15% workforce reduction. \n\n\n     Write to Emily Dattilo at emily.dattilo@dowjones.com \n\n\n     This content was created by Barron's, which is operated by Dow Jones & Co. 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