Mizuho Securities Remains Sidelined on Citrix Systems (CTXS) Ahead of 3Q Report
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Mizuho Securities reiterated a Neutral rating and $90.00 price target on Citrix Systems (NASDAQ: CTXS) ahead of the company's 3Q earnings report. Mizuho expects total revenues of $830-835mm vs. consensus of $827mm and guidance of $820-830mm. Revenue is expected to drive EPS to around $1.22-1.25 vs. consensus of $1.19 and outlook of $1.18-1.20.
Analyst Abhey Lamba commented, "Citrix will report 3Q16 results on Wednesday, October 19. We expect upside to estimates based on our checks that indicate healthy renewals, and our view of a conservative guide. We expect management to modestly raise its full-year outlook while remaining conservative with its initial 2017 top-line forecast. With investor focus turning to core CTXS fundamentals, while we see limited downside, we find it hard to argue for material upside to our PT based on current expectations of growth/profitability of core assets. Maintain Neutral rating and $90 PT."
Shares of Citrix Systems closed at $83.39 yesterday.
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