UPDATE: Wells Fargo Initiates Citrix Systems at Outperform

Wells Fargo is out with its report today on Citrix Systems CTXS, initiating CTXS at Outperform. In its report, Wells Fargo writes, "We are initiating coverage of Citrix with an Outperform rating on the shares and a valuation range of $65-70. Citrix is a leading provider of infrastructure and application-delivery software, from its core server-based computing offering to newer forays into server/desktop virtualization, to online services and application networking." At the time of posting, shares of CTXS were trading at $59.77, up 2.50% from Tuesday's close.