Xerox price target lowered to $8 from $10 at Morgan Stanley

Morgan Stanley analyst Erik Woodring lowered the firm’s price target on Xerox (XRX) to $8 from $10 and keeps an Underweight rating on the shares. Q3 revenue of $1.53B was in-line with the firm’s below-consensus expectations, reflecting secular print declines and Equipment execution issues, says the analyst, who also notes that Xerox “missed across the board on profitability and 4Q expectations.” Execution risk remains elevated, keeping the firm Underweight-rated, the analyst added.