Morgan Keegan Ups PT On CTXS To $90

Morgan Keegan, citing 1Q11 outperformance, has raised its price target on Citrix Systems (NASDAQ: CTXS) from $80 to $90 and maintains its Outperform rating on the stock.

Says Morgan Keegan, in the report, “Yesterday, CTXS announced solid 1Q11 results with EPS of $0.50 and $491 million in revenue (+18.5% Y/Y), compared to the consensus expectation for EPS of $0.42 and $475 million in revenue. In our opinion, a healthier IT spending environment as well as continued positive momentum around XenDesktop solutions drove the out-performance. License revenue was driven by very strong XenDesktop revenues of $86 million(+170% Y/Y) as well as continued solid traction in the Datacenter and Cloud solutions business which grew +33% Y/Y.”

CSTX closed yesterday at $77.83.