Needham & Company Reiterates Buy Following Citrix Systems' (CTXS) 3Q Report
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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."
Shares of Citrix Systems closed at $86.30 yesterday.
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