NEW YORK Armed with a hefty dividend, Xerox Corp (XRX.N) shares look cheap even as they have shot up this year following the company's spin-off of its business processing business, according to an article in Barron's.
The article says the printing and copying company's new CEO wants to shift toward more small and midsize corporate customers and Xerox has undertaken a major cost-cutting program, while the shares offer a 3.4 percent dividend yield.
The article cites a portfolio manager for investment advisor ValueWorks as estimating the shares could nearly double, from Friday's close of $7.36 to $14 in the next two years.
(This story was refiled to correct spelling of "dividend" in first paragraph)
(Reporting by Lewis Krauskopf; Editing by Phil Berlowitz)