UPDATE: J.P. Morgan Raises Citrix Systems' PT

According to a research report published this morning, J.P. Morgan has increased Citrix Systems'

PT from $53 to $58. In the report, J.P. Morgan commented, "Citrix reported a solid March quarter across all key metrics, though expectations heading into the quarter were modest, in our opinion. We believe the company is executing well, but the 17% y/y license revenue growth for Desktop Solutions (which includes the XenDesktop and XenApp product lines), while healthy, is not suggestive to us that a secular trend towards virtualization of desktops has taken hold. Still, the company's solid execution this quarter is commendable given the macro backdrop and in light of the recent stumbles by other software vendors." J.P. Morgan maintains its Underweight rating on Citrix Systems, which closed yesterday at $77.17.