Morgan Keegan Initiates Coverage On Citrix Systems With Outperform Rating and $80 PT

According to Morgan Keegan, Citrix Systems (NASDAQ: CTXS) coverage is initiated with an Outperform rating and $80 price target.

Morgan Keegan reported that it views CTXS as a technology and share leader in the nascent and fast growing market for Desktop Virtualization. “CTXS's Application Networking business provides solid opportunities for cross-selling as well as capitalizing on emerging cloud computing trends, in our opinion. Citrix is also leader in online access and collaboration products, including GoToMyPC (remote PC access), GoToAssist (remote support), GoToMeeting (online meetings) and GoToTraining (online training). We believe that Citrix's strong channel and partner relations represent a strategic asset that could unlock further operating leverage in the business model. Based on the above points, we are initiating coverage with an Outperform / Speculative Risk rating with fair value of $80.00”

Citrix Systems closed yesterday at $2.37.