In a report released Thursday morning, Steven Ashley of Baird downgraded Citrix Systems CTXS from Outperform to Neutral, lowering price target from$75 to $64.
The report defends their downgrade:
"1) modestly lower-than-expected Desktop license in 4Q13; 2) the prospects for tougher VDI competition going forward; 3) the realities of a slower-growing Networking business
(22% of total) due primarily to law of large numbers; 4) uncertainties associated with the CEO transition; and 5) recognition XenMobile will take some time to achieve enough scale to impact overall growth"
CTXS closed 57.60 on Wednesday and is currently trading down 9.9% to the $51.88 mark.
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