Citrix (CTXS) Target and Estimates Cut On Lower IT Spending

Deutsche Bank is cutting its price target and estimates on Citrix Systems (CTXS), citing tougher comps and the expectation that IT spending will slow down in a tougher macro environment. DB, however, reiterates its Buy. Deutsche:

Our reduced [estimates] are driven by our belief of tougher IT spend environment and likelihood of discretionary spend items like acceleration products being pushed out and tougher y‐o‐y comps. However, with stock at trough multiples and pricing in cuts to consensus est. we recommend investors to accumulate shares at current level.

Deutsche cuts target to $38. FY08 estimates drop from $1.60 to $1.57.


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