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