Needham & Company Reiterates Buy Following Citrix Systems' (CTXS) 3Q Report

October 20, 2016 6:58 AM EDT
Get Alerts CTXS Hot Sheet
Price: $87.53 -0.1%

Rating Summary:
    17 Buy, 20 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 20 | Down: 30 | New: 24
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Needham & Company reiterated a Buy rating and $96.00 price target on Citrix Systems (NASDAQ: CTXS) following the company's 3Q earnings report. CTXS reported revenues of $841m and $1.32 EPS, well above consensus' $827m and $1.19 EPS.

Analyst Scott Zeller commented, "The Citrix SeptQ results were stronger than expected, and guidance was raised for CY16. Initial CY17 guidance may have been mixed, in that it only guided for “core” CTXS; however, the positive news is CTXS expects “core” to slightly accelerate revenue in CY17. The SeptQ performance was strong in the core business, as Workspace Services grew +5% y/y revenue and +5% y/y license. As we look forward into CY17, we continue to use the “whole CTXS” for our estimates, as the GoTo spin is on track for 1Q17. We are inching up our CY16 and CY17 estimates. Maintain BUY and $96 target. Shares finished near $86.30, or 14x our $5.52 CY17 EPS ex net cash, and 3.5x EV/CY17 revenue. Our $96 target is 17x our $5.52 CY17 EPS."

For an analyst ratings summary and ratings history on Citrix Systems click here. For more ratings news on Citrix Systems click here.

Shares of Citrix Systems closed at $86.30 yesterday.



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