Citrix Systems (CTXS) PT Raised to $80 at Mizuho Securities on Activist Stake
Mizuho Securities analyst Abhey Lamba reiterated an Outperform rating and boosted its price target on Citrix Systems (NASDAQ: CTXS) to $80.00 (from $72.00) after Elliott announced a 7% stake in the company this morning and requested a meeting with the board.
Lamba commented, "As we have been expecting for some time, activist shareholders have decided to push management to seek out aggressive means for generating shareholder value. We expect the company to actively seek meaningful divestitures while improving operational metrics. Based on a relatively conservative sum of the parts analysis, we arrive at a value of $75-100 per share for the company. We think if management puts some of the plans in place, it can generate value in the upper end of the range. We are reiterating our Buy rating while raising our PT to $80 from $72."
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Shares of Citrix Systems closed at $65.97 yesterday.