Xerox price target lowered to $12 from $13 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Xerox to $12 from $13 and keeps an Underweight rating on the shares after the company missed Q3 revenue and margin expectations and guided down calendar 2023 revenue to the low end of their guidance range. While the new “Xerox Reinvention” plan is intended to drive considerable operating leverage in the model, the firm is “skeptical” and calls Xerox “a show-me story.”