UPDATE: Brean Murray Carret Lowers on Xerox to $8.50

Brean Murray reiterated a Buy rating on Xerox Corp (NYSE: XRX) and has lowered the price target from $9 to $8.50.

Brean Murray noted, “Sep Q EPS guide of $0.24 - $0.26 is softer than Street of $0.27; CY12 guide now $1.07 - $1.12 vs. $1.12 - $1.18 previously. For 2H12, it sounds like Europe and equipment sales are expected to weigh on revenue, while Services should be able to continue growing at a high-single digit rate through the year. Jun Q EPS of $0.26 is in-line with Street, although helped by $0.02 from tax.”

Xerox Corp closed at $6.70 on Friday.