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Quarter In Review
The comments come as Citrix' second-quarter results beat Street estimates on the top and bottom line, and it announced the divestiture of the GoTo business.
The analyst said ARR growth of 30 percent to $200 million is a far cry from total FY16 estimated revenues of about $2.7 billion (ex GoTo).
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"Growth in the former surely needs to accelerate quickly in order to adequately compensate for expected product license declines/ cannibalization. This next chapter represents another transition, and further clouds the current investment picture," Fishbein wrote in a note.
The operating margin topped Street expectations (28.4 percent versus 28.1 percent), and Fishbein expects Citrix to reach 30 percent FY17 margin target a year early.
A Word Of Warning
However, the analyst warned that "it looks as though the easy work is behind the company" given that the margin expanded by +550bps year-over-year on average over the past five quarters.
"We still expect 80-90bps annual expansion through FY18, but the juice looks to be largely squeezed already," Fishbein noted.
Fishbein has a Neutral rating on the stock, which is currently down 3.54 percent to $86.17 at time of writing.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.