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Fly News Breaks for November 12, 2019
HPQ, XRX
Nov 12, 2019 | 07:01 EDT
JPMorgan analyst Paul Coster upgraded Xerox (XRX) to Neutral from Underweight with a price target of $38, up from $31. The analyst thinks the stock is trading close to fair value, but sees "catalysts to the upside and downside in the very near term." Xerox's bid for HP Inc. (HPQ) could conceivably lead HP to make a counter-bid for Xerox at a premium to where Xerox stock is currently trading, Coster tells investors in a research note. On the other hand, Xerox could successfully acquire HP and its stock could price in cost synergies, ahead of the deal closing, adds the analyst. However, looking further out, he believes Xerox's future "remains uncertain."
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