Lexmark downgraded at Raymond James As previously reported, Raymond James downgraded Lexmark to Underperform from Market Perform. The firm downgraded shares citing rich valuation and expectations for a deceleration in laser supplies as channel sell-through normalizes.
Lexmark sees FY15 core revenue down 2% to flat Sees FY15 core revenue in constant currency to grow 4%-6%. Sees FY15 gross profit margin to be flat to slight down YTY. Sees FY15 static tax rate of 30%. Sees FY15 free cash flow 90%-100% NI. Sees FY15 CapEx $110M. Sees long-term cash generation primairly driven by net income. Sees long term free cash flow to be 90%-100% of net income.