Jefferies Upgrades Citrix Systems (CTXS) to Buy on 3 Catalysts
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(Updated - April 21, 2021 7:57 AM EDT)
Jefferies analyst Brent Thill upgraded Citrix Systems (NASDAQ: CTXS) from Hold to Buy with a price target of $180.00 (from $150.00).
The analyst cited three catalysts:
1) work-from-anywhere is here to stay which is a powerful shift to capitalize on;
2) Street's +4% CY21rev growth is too low; we see high single-digit growth potential supported by a proprietary survey + have increased confidence in the CY22 $10 FCF/share goal;
3) CTXS trades toward the bottom-end of its 13-18x FCF range; we see room for expansion (ORCL/VMWat 19x/18x, ADBE/ADSK at 34x/29x).
Shares of Citrix Systems closed at $138.12 yesterday.
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