UPDATE: Wells Fargo Initiates Citrix Systems at Outperform

Wells Fargo is out with its report today on Citrix Systems

, initiating CTXS at Outperform. In its report, Wells Fargo writes, "We are initiating coverage of Citrix with an Outperform rating on the shares and a valuation range of $65-70. Citrix is a leading provider of infrastructure and application-delivery software, from its core server-based computing offering to newer forays into server/desktop virtualization, to online services and application networking." At the time of posting, shares of CTXS were trading at $59.77, up 2.50% from Tuesday's close.