Citrix Systems (CTXS): Maintaining Perform Rating After 3rd Straight Beat - Oppenheimer
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Oppenheimer analyst, Ittai Kidron, reiterated his Perform rating on shares of Citrix Systems (NASDAQ: CTXS) after the company reported strong 3Q16 results, its third straight beat. Revenue, operating margin, and EPS beat expectations and the GoTo spin-off is on track to close in 1Q17 but a slowdown in growth highlights the challenge as comps get more difficult.
The results point to continued execution on several fronts, and the analyst sees potential upside if high execution continues. However, EMEA and APAC remain mixed, leaving Citrix to rely heavily on the Americas and less room for error.
In addition, Citrix excluding GoTo, trades at a 2017 P/E of ~15.5x keeping the analyst on the sidelines.
The analyst does not have a published price target on Citrix due to the Perform rating.
Shares of Citrix Systems closed at $86.30 yesterday.
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