Scitex Corporation (Nasdaq:SCIX), which holds 12.7% of Creo (Nasdaq:CREO), is still contending with harsh market conditions, writes Lehman Brothers.

There are only a few solutions that might halt the deterioration in its results, says analyst Tobias Fischbein, hence his Underperform rating.

Scitex views its Creo holding as available for sale. Profit or loss from the holding would only be recognized if it is sold, even though the value of the holding shrank by $2 million during the second quarter, Fischbein notes.

But Scitex would have real difficulty finding a buyer these days, he notes.

Scitex also holds 43% of Aprion Digital, which reported its first revenues from Shaldag printing systems in the second quarter.

Aprion, which specializes in inkjet printing technology for packaging, installed 14 Shaldag systems in the quarter, most of which are in the beta stage. Lehman Brothers sees some of these trials resulting in revenues by year-end.

Lehman Brothers said it would revisit its evaluation of Scitex if it makes a major move that could affect its future, such as selling its Creo shares. For now the bank reiterated its $2 price target, about the same as the companys share price.

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