Xerox: shares jump after broker's comments.

(CercleFinance.com) - Shares in printer and copier maker Xerox were up almost 14% on Tuesday after Credit Suisse upgraded its rating on the shares.


In a research note entitled the "New Xerox," the Swiss broker says it now has an "outperform" rating on the stock, versus "neutral" previously, citing a more focused print business, potential upside to cost savings, strong management and the stock's attractive valuation.

Xerox today has completed the spin-off of business process unit Conduent, which triggered a cash transfer of 1.8 billion dollars.

While Credit Suisse believes that in the near term revenue pressures will continue, it believes the shift to growth segments such as graphics and managed print services (MPS) will help stabilise revenue over time.

The stock is currently up 13.8% at 6.5 dollars.

Copyright (c) 2017 CercleFinance.com. All rights reserved.