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CS First Boston Upgrades Citrix to 'Outperform'

Credit Suisse First Boston upgraded Citrix (CTXS) to outperform from neutral.

The application software company sees higher earnings per share for the fourth quarter. Analyst John Rizzuto says the company attributed strength to continued demand for its packaged products, which is having more impact on the results of a post-third quarter inventory correction. Rizzuto says fourth quarter demand remained stable, and the company had strong pull from the channel in October and November.

He believes Citrix is benefiting from its enhanced partner relationships and the ramp of its enterprise relationship manager program, which is driving incremental sales to existing customers. Rizzuto raised his 45 cents 2002 earnings per share estimate to 48 cents and upped the 50 cents 2003 estimate to 61 cents. He has a $16 target.

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