J.P. Morgan Maintains Rating, PT On CTXS

J.P. Morgan is maintaining its Neutral rating and $53 price target on Citrix Systems CTXS following the company's recent analyst meeting. According to J.P. Morgan, “We attended CTXS' financial analyst meeting held in conjunction with the company's annual Synergy conference in San Francisco… Several new products were announced during the opening day of Synergy, some of which are not expected to generate revenue in the near-term. However, management highlighted NetScaler Cloud Gateway as potentially being the largest revenue opportunity among the products announced… Management commented that the company's operational imperatives were to lead with the desktop and drive cross-sales of networking products like NetScaler. Management remarked that with XenDesktop deployments being more strategic in nature than XenApp, they are helping drive deeper penetration within corporate accounts.” CTXS closed at $82.44 yesterday.