UPDATE: Brean Murray Carret & Co. Lowers PT on Xerox to $9

Brean Murray Carret & Co. reiterated a Buy rating on Xerox (NYSE: XRX) and lowered its price target from $10 to $9.

Brean Murray and Carret & Co. noted, “We believe Xerox can deliver Jun Q Street EPS of $0.26 (guidance of $0.25 - $0.28), and that CY12 EPS can hold up fairly well relative to guidance ($1.12 – $1.18, Street at $1.12), considering macro headwinds and printing generally being a “first to cut last to spend” type of purchase. Said another way, we don't believe Xerox will feel it necessary to alter its CY12 EPS guidance on it Friday July 20th earnings call. That said, we are slightly reducing our 2H12 EPS (keeping Jun Q estimates discussed below) with CY12 EPS now at $1.12 vs. $1.16 previously; we're reducing our target to $9 from $10 to account for our estimate reductions and investors risk aversion (multiple compression while macro concerns persist).”

Xerox closed at $7.24 on Tuesday.