Wall Street may not always be sane, logical, or fair, but in some respects it is at least internally consistent. Let me explain by using Lexmark (NYSE:LXK) as an example.

Lexmark was once something of a darling, and the Street rewarded this solid (and consistent) performer with a valuation that often looked too rich for me. But since the company has tripped up, it seems like analysts have switched to looking for reasons not to like the stock. And I say that's consistent because I've seen that happen more times than I could hope to count.

In any case, times are still tough in the printer market. Lexmark's revenue dropped 6% this quarter, but an ongoing focus on profitability actually led to better margins (adjusted for charges and benefits) and higher earnings. Cash flow, too, seems to still be coming in fairly well.

There was a dichotomy in the first quarter between the consumer and the business units. Both had similar declines in revenue (5% in business, 7% in consumer), but the consumer business produced 22% operating income growth while the businesses side was down 13%. And perhaps not too surprisingly, inkjet shipments continue to fall while laser shipments were positive.

In a very real sense, not much has changed in the last few quarters for Lexmark. Yes, the restructuring effort is in place, and that's helping maintain earnings and margins despite the lower revenue base. But the root cause of the problem -- aggressive pricing from Hewlett-Packard (NYSE:HPQ) -- hasn't changed much. Neither has Lexmark's response: Batten down the hatches, walk away from inadequately profitable business, and wait for this to blow over.

Just taking a quick look around, there are plenty of well-known names in the general computer space that are having tough times. We all know about Intel (NASDAQ:INTC) and Microsoft (NASDAQ:MSFT), and Dell (NASDAQ:DELL) isn't looking too strong these days, either. On the flip side, Hewlett-Packard and Canon (NYSE:CAJ), two of Lexmark's biggest problem-causers, are near 52-week highs.

I still give Lexmark a good chance to weather this storm, but Fools considering the stock need to realize that a stumble or shortfall is all but inevitable along the way. That might be a good time to consider a purchase, because today's price doesn't give me enough margin to entice me into a market that is still seeing fierce competition.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).