Technicians See Turn in Shares of Citrix (CTXS)

Technicians at MKM research think shares of Citrix (Nasdaq: CTXS) are oversold based on analysis of weekly stochastic and other technical indicators.

"The 'buy' signal follows a successful test of support at the December 2011 low ($56.79), which bodes well for a substantial relief rally," said Technician Katie Stockton.

On the fundamental side, MKM Partners Enterprise Software Analyst Israel Hernandez notes that the software sector tends perform well from the start of 4Q through earnings season in January, though fiscal cliff fears may push the timing out.

Overall, analysts think the risk/ reward in Citrix is compelling, and see upside heading into year end.

MKM Partners has a Buy rating on Citrix Systems with a price target of $71.00.

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 $62.17 yesterday.

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