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

JP Morgan reiterated its Underweight rating on Citrix Systems 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.