Lexmark (LXK) -5.5% after receiving a harsh downgrade to Sell from Deutsche's Chris...
Thursday, December 13, 2012, 9:21 AM ETLexmark (LXK) -5.5% after receiving a harsh downgrade to Sell from Deutsche's Chris Whitmore. He considers the benefits of Lexmark's inkjet exit plans baked in following a 35% rally, notes Lexmark's installed base has been more than halved since '06, thinks an estimated ~$2.50 in ink-related EPS will evaporate in a few years, and is worried about tougher laser printer competition from H-P (HPQ) and (echoing the concerns of others) declining printing demand. Even at ~7x FY12E EPS, he considers shares overvalued. (previous)
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