UPDATE: FBN Securities Initiates Citrix Systems at Outperform on Growth Outlook

FBN Securities initiated coverage on Citrix Systems CTXS with an Outperform rating and a $85.00 price target. FBN Securities analyst Shebly Seyrafi commented, "CTXS is a key player in virtual desktop infrastructure (VDI) and cloud, two key technology trends. Although its Mobile & Desktop (M&D) segment growth has been hampered by declines in its application virtualization solution XenApp (XA), we believe that its fast-growing XenDesktop (XD) VDI solution is now a larger revenue contributor (~60% of M&D license) and should drive acceleration in this segment. We see XD license growth accelerating, especially in FQ2 2013, as the compares get easier." Citrix Systems closed at $71.30 on Tuesday.