Bank Of America Raises Price Target On Citrix To $94

According to Bank of America, Citrix Systems

PO is raised to $94. Bank of America said that it hosted Al Monserrat, SVP World Wide Sales, who gave an upbeat presentation. “With continued traction in app networking, server/desktop virt, it is increasingly becoming a cloud infrastructure supplier. We see parallels to VMW albeit slower growth vs. VMW. We're raising our PO to $94 (from $86) based on a 26.3x (up from 23.5x) our CY11 FCF est of $616mn. The 26.3x multiple is based on a discount to VMware at 32.5x to account for the slower rev growth rate of CTXS at ~20% yet recognizing future growth opportunities vs. VMW at 27%.” Citrix Systems closed yesterday at $84.83.