Barclays upgraded its rating on Xerox from underweight to neutral on Monday.
"We are shedding our long-held concerns over the printing market's health and also risk of incremental competitive intensity," wrote Barclays analyst Mark Moskowitz. "In the next 12 months, better market conditions and cost take-outs could help Xerox achieve a series of revenue and margin improvements."
Shares of the printing company are up nearly 18 percent year over year, ahead of the S&P 500's 13.5 percent gain. They traded up almost 3 percent on Monday.