Goldman Sachs Rates Citrix Systems (CTXS) at Neutral

Goldman Sachs assumes coverage on Citrix Systems (NASDAQ: CTXS) with a Neutral rating and $89 price target.

The firm is modeling XenDesktop bookings to grow 60% in CY2011 to $520 million. On this they said "the key then is how quickly this business can ramp to help accelerate overall top-line revenue growth and ultimately, EPS."

Goldman continues to believes the company's desktop solution is viewed more favorably than VMware's (NYSE: VMW) and estiamtes that bookings remain 2X-3X greater in this segment. That said, they see penetration beyond today's level of 5-10% a few years off.

For more ratings news on Citrix Systems click here and for the rating history of Citrix Systems click here.

Shares of Citrix Systems closed at $79.19 yesterday.

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