Needham & Company Reiterates Buy Following Citrix Systems' (CTXS) 3Q Report
- Oil steadies on doubts output cut will end global glut
- Western Digital (WDC) Raises Q2 Outlook
- Dollar edges up vs yen as traders eye ECB meeting for cues
- Foxconn says in preliminary discussions to expand U.S. operations
- Dave & Buster's Entertainment (PLAY) Tops Q3 EPS by 11c, Raises FY Revenue Guidance
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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."
Shares of Citrix Systems closed at $86.30 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mizuho Securities Raises Price Target on Francesca's (FRAN) Following 3Q Beat
- Western Digital (WDC): Raising PT After Analyst Day - Baird
- Western Digital (WDC): Takeaways From Analyst Day, Raising PT - Susquehanna
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesNeedham & Company, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!