UPDATE: Barclays Upgrades Citrix Systems Heading into Q3 Earnings Season
In a report published Monday, Barclays Capital analyst Raimo Lenschow upgraded the rating on Citrix Systems (NASDAQ; CTXS) from Equal-Weight to Overweight, and raised the price target from $77.00 to $78.00.
In the report, Barclays Capital noted, “With desktop growth/sentiment improving from a trough in Q2 and the company benefiting from an improving enterprise spend environment in 2H13, we are being opportunistic on the recent pullback and upgrading Citrix to Overweight. Looking at Q3 specifically, we believe desktop license growth expectations (5-8%) are much more achievable, especially given the substantially easier comp (-1% vs. 7% in Q2). In addition, the data from our VAR survey improved over the prior survey, as no partners reported their CTXS businesses performing below plan. We would be buyers of CTXS ahead of the quarter.”
Citrix Systems closed on Friday at $70.48.
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