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NEW YORK - An Oppenheimer analyst downgraded Citrix Systems Inc. on Monday following a recent rally in its share price.
In a note to investors, Shaul Eyal lowered his rating of Fort Lauderdale, Fla.-based Citrix to "Perform" from "Outperform" and withdrew his $33 price target.
Eyal noted that the stock has climbed 33 percent since early April, and is now trading at 19 times his estimate for its 2009 earnings per share, higher than his group median.
The analyst also said that recent checks show demand for the company's products is stable in North America, but "remains challenged" in Europe.
In addition, he said it is unlikely that Citrix will be bought by another company in the near future, saying probable acquirers like Cisco Systems Inc. and Hewlett-Packard Co. are still occupied with their past purchases of Webex and EDS, respectively.
Citrix makes business software and machinery for remotely managing applications.
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