UPDATE: Bank of America Upgrades Citrix Systems to Buy Following Strong December Quarter

Bank of America upgraded Citrix Systems

from Neutral to Buy and raised the price target from $74.00 to $84.00. Bank of America noted, "Although the stock is up +10% after hours on a strong Dec Q, we see room for more upside and are raising our PO from $74 to $84 based on 18x C13 EV/FCF in line with 18% bookings growth. Our valuation framework for growth companies with strong billings growth points to EV/FCF divided by bookings growth ratio of 1 or below as attractive." Citrix Systems closed at $66.98 on Wednesday.