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Shares of Xerox Corp. (XRX) - Get Xerox Holdings Corporation Report were gaining by 3.36% to $30.44 on Monday morning, following a rating upgrade to "equal weight" from "underweight" at Barclays.

The firm set a price target of $33 on the stock, up from its previous target of $27.

Barclays sees an improvement in the company's end market health and also believes that cost cuts will be a positive for margins. The firm sees margin upside outpacing other IT hardware companies that also cut costs recently.

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