UPDATE: Citi Raises Citrix Systems' PT

According to a research report published earlier today, Citi has increased Citrix Systems' CTXS PT from $78 to $88. In the report, Citi said, "We believe multiple drivers are at play here, including continued enterprise desktop refresh activity, improving TCO and improved support from hardware ecosystem. Most notable in our checks vs. 6 months ago is the notion that “legacy” XenApp business is stable to growing, as a focus on broader desktop virtualization has made this product newly relevant." Citi maintains its Buy rating on Citrix Systems, which closed yesterday at $75.56.