BMO this morning cut its price target for Xerox Corporation (XRX - 7.86) to $9 from $12.
Other analysts view XRX in a brighter light. Thomson Reuters places the consensus 12-month price target at $10.22, representing a considerable 30.5% premium to Friday's closing price of $7.83. Furthermore, Zacks is reporting that 63% of the brokerage crowd is bullish toward the office equipment company.
Meanwhile, it seems that relatively few traders are betting on the stock to decline. Short interest for XRX dropped 20% over the most recent reporting period. These bearish bets now account for just 1.5% of the security's float, pointing to a rather meager supply of sideline cash.
Options traders, though, are harboring negative sentiment toward XRX. During the past two weeks, speculators on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have bought to open 0.63 put for every call on the company. This ratio lands in the 87th percentile of its annual range, implying that speculators on these exchanges have purchased bearish bets over bullish at a faster pace than usual recently.
Mid-Caps Nearing a Triple of March 2009 Lows
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