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CSFB Cuts Citrix Estimates

Citrix Systems (CTXS) sees $0.06-$0.07 Q2 EPS (as adjusted) on $116-$118 million in revenue. CS First Boston cut its estimates.

Analyst John Rizzuto says the company's guidance falls below his $0.09 EPS and $127 million revenue estimates. He notes that Citrix blamed the weakness on its packaged applications sold to the small- and medium-sized business market, which remains very weak. Rizzuto anticipates continued sluggishness in the company's packaged application business. He notes that visibility for Citrix remains clouded as it makes the transition to its new solutions while facing a precipitous drop in end-market demand for its core products. The analyst trimmed his recently-cut estimates further: to $0.41 EPS from $0.46 for 2002, and to $0.57 from $0.71 for 2003. He maintains his buy rating on a valuation basis.

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