Xerox Corp. shares surged 15% Tuesday, after Credit Suisse upgraded the stock to outperform from neutral, citing a more focused print business, the chance of bigger-than-expected cost savings, strong management and a compelling long-term strategy to offset end market decline. “We remain cautious about overall printing spend, but believe that management is realistic and has a long term vision of moving the business away from mature declining markets to growth segments such as graphics and Managed Print Services (MPS),” analysts wrote in a note. Credit Suisse has a stock price target of $8, which is about 20% above current trading levels.
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