Xerox price target lowered to $11 from $14 at Loop Capital

Loop Capital lowered the firm’s price target on Xerox to $11 from $14 and keeps a Hold rating on the shares. The firm cites the company’s “noticeably lower” Q2 earnings and a cut in its 2024 revenue outlook as the management decided to reposition some of it’s “Reinvention Plan” actions in a way that is long-term advantageous to strategic plan execution, with potential revenue lift in 2025 and 2026, the analyst tells investors in a research note. Closer collaboration between sales and internal teams is also helping to produce more targeted customer acquisitions, the firm added.