CTXS - Citrix Systems falls after cut to underweight at Morgan Stanley

Citrix Systems (NASDAQ:CTXS) dropped 2.2% after Morgan Stanley cut its ratings to underweight from equalweight, writing that original 2022 free cash flow targets now look unattainable. Morgan Stanley analyst Sanjit Singh cites "uncertainty" on how the mix of bookings will evolve going forward. Citrix (CTXS) price target cut to $85 from $90. The PT values the company at 16x CY23 EPS ,which is inline with slower growing, at scale peers who have significant on-premise exposure such as Akamai and Check Point. Yesterday, Citrix EPS beats by $0.25, beats on revenue.

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Citrix Systems falls after cut to underweight at Morgan Stanley