UPDATE: Jefferies Color on Citrix Downgrade, PT Increase

Jefferies, which downgraded shares of Citrix while raising its PT, is providing some color on the stock.

“We are downgrading shares of Citrix (NASDAQ: CTXS) to Underweight from Neutral because we believe current valuations assume overly optimistic market adoption rates of desktop virtualization technology, and specifically, of CTXS' XenDesktop,” Jefferies writes. “If our Base case market estimates prove accurate, we think the intrinsic value of CTXS shares is well below what is implied in the current share price.”

Citrix closed Monday at $82.15.