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UPDATE: JP Morgan Reduces PT to $56 on Citrix Systems Post Disappointing Quarter

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JP Morgan reiterated its Underweight rating on Citrix Systems (NASDAQ: CTXS) and reduced its price target from $58 to $56.

JP Morgan commented, "CTXS reported disappointing SepQ results highlighted by a y/y decline in Desktop Solutions license revenue of 1% and total company license revenue growth of only 1%. Management spoke candidly of its own disappointment with license bookings in the quarter, citing a difficult macro environment. We think such an environment simply exacerbates the challenges management faces in convincing the masses of corporations to adopt desktop virtualization – a technology we believe will remain a niche solution for some time to come."

Citrix Systems closed at $64.08 on Wednesday.

Latest Ratings for CTXS

Aug 2016JefferiesDowngradesHoldUnderperform
Jul 2016Morgan StanleyMaintainsUnderweight
Jul 2016CitigroupMaintainsBuy

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