Citrix Systems' (NASDAQ:CTXS) Desktop Bookings Blow Past Expectations

Citrix Systems (NASDAQ:CTXS) had a strong quarter, led by a strong performance from desktop bookings, which easily beat analysts' expectations.

FBR says, "While the headline number was strong, a major focal point for investors this morning will be around the company's robust desktop bookings numbers, which handily beat Street expectations as the company finished the year strong on this all-important business segment. In terms of guidance the company raised its revenue guidance range for 2011, a healthy sign for Citrix as the company benefits from a strong product cycle and secular tailwinds in the field.

"For F1Q(March)11, we are raising our revenue estimate from $469.4 million to $473.0 million while lowering our pro forma EPS to $0.41 versus our prior estimate of $0.50. For FY11, we are raising our total revenue estimate from $2.05 billion to $2.12 billion while maintaining our pro forma EPS estimate of $2.31. We are also introducing our FY12 estimates of $2.33 billion and $2.60."

FBR Capital reiterates a "Market Perform" on Citrix Systems (CTXS), which closed Thursday at $64.83, gaining $1.32, or 2.08 percent. FBR raised their price target on Citrix from $55 to $65.