Xerox Holdings Corp. is facing challenges in its print-heavy portfolio as it navigates a mature and highly competitive printer industry. The company has significant exposure to the managed print services industry, accounting for around 94% of its 2023 revenue. Xerox's attempts to diversify into cloud, IT, and digital services have been unsuccessful so far, with no material contribution to its current revenue from this sector. The company's revenue has been deteriorating year after year, and it expects its revenue to decline 3% to 5% in 2024. Xerox recently sold its 3-D printer segment and announced layoffs of 15% of its workforce. The company's target price is $14.60, down about 13% from current levels, reflecting the challenges it faces. The primary risk factor to Xerox's business model transformation strategy lies in the execution, as it tries to transition away from its reliance on print services revenue. Overall, a strong sell recommendation is put forth for Xerox due to its exposure to the declining print segment, ongoing revenue erosion, and uncertain growth prospects.