Nomura Securities maintains a 'Neutral' on Citrix Systems (CTXS); Uncertain Macro and Valuation Keep Us Sidelined
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Price: $61.25 -1.53%
Rating Summary:
19 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
19 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Trade CTXS Now!
Nomura Securities maintains a 'Neutral' on Citrix Systems (NASDAQ: CTXS) price target of $86.00.
Analyst, Rick Sherlund, said, "Citrix reported good overall 2Q 12 results that were overshadowed by a slowing in license revenue growth, reflective of a tougher environment. License revenue grew 9.7% y/y, c.3% below consensus and below the 18.7% shown in Q1 and 20% for all of 2011. The license miss was driven by a tougher environment, particularly for the transformational desktop business. Desktop Solutions license revenues (which include XenDesktop and XenApp) came in at an estimated $125mn, an increase of 7% over the year prior, compared with 17% in the March quarter. Overall company billings of $661mn were up 16%, 2% above Street expectations of $650mn, or 14% y/y. Deferred revenues were up 24%, in line. Management provided 3Q 12 and FY 12 revenue guidance that was a bit above the Street at the mid-point, with upside in services in Q2 expected to continue. Total revenue is expected to be in a range of $645mn to $655mn, or up 14% to 16% y/y, compared with the Street at $646mn, or up 14% y/y."
FY12E EPS from $2.75 to $2.79; FY13E EPS from $3.11 to $3.16.
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 $74.22 yesterday, with a 52 week range of $50.21-$87.99.
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Analyst, Rick Sherlund, said, "Citrix reported good overall 2Q 12 results that were overshadowed by a slowing in license revenue growth, reflective of a tougher environment. License revenue grew 9.7% y/y, c.3% below consensus and below the 18.7% shown in Q1 and 20% for all of 2011. The license miss was driven by a tougher environment, particularly for the transformational desktop business. Desktop Solutions license revenues (which include XenDesktop and XenApp) came in at an estimated $125mn, an increase of 7% over the year prior, compared with 17% in the March quarter. Overall company billings of $661mn were up 16%, 2% above Street expectations of $650mn, or 14% y/y. Deferred revenues were up 24%, in line. Management provided 3Q 12 and FY 12 revenue guidance that was a bit above the Street at the mid-point, with upside in services in Q2 expected to continue. Total revenue is expected to be in a range of $645mn to $655mn, or up 14% to 16% y/y, compared with the Street at $646mn, or up 14% y/y."
FY12E EPS from $2.75 to $2.79; FY13E EPS from $3.11 to $3.16.
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 $74.22 yesterday, with a 52 week range of $50.21-$87.99.
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