Piper Jaffray analyst George Tong says Carl Icahn's activist involvement could fast track Xerox's existing strategic realignment actions and serve as a positive catalyst for the shares. Tong believes the most likely outcome of Xerox's strategic review and Icahn's involvement is a decision to further de-emphasize or divest businesses that have below average growth. The analyst has an Overweight rating on the stock with a $15 price target.
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Expects 2024 adjusted operating margin of at least 7.5%. Maintains three-year target of $300M of incremental adjusted operating income above 2023 levels and a return to double-digit adjusted operating income margin by 2026.