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JP Morgan Ups Citrix Systems to Overweight

JP Morgan upgraded Citrix Systems (CTXS) to overweight from neutral, explaining that prices have more room to rise.

Analyst Adam Holt says that even while the stock is already up 36% since Sept. 1, he thinks Citrix' expanded product suite enables the company to participate in some of the better secular trends in software. While the first quarter typically doesn't bring positive estimate revisions for the software group, it may consolidate at some point this spring, and he believes numbers will continue to move higher for Citrix over the next year. He raised his 2006 earnings per share (EPS) estimate by 2 cents to $1.29 and his 2007 estimate by 8 cents to $1.47. As investors focus on 2007, he thinks the stock should outperform.

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