Citrix (CTXS, $141.50) gets rating boost at Jefferies

IT-solutions company Citrix  got a rating upgrade from a Jefferies analyst, on expectations of the remote work environment.

 Analyst Brent Thill boosted his rating on the shares to buy from hold. Thill also raised his price target on the stock from $150 to $180 – which implies a 30% potential upside from Tuesday's closing price at $138.12.  The consensus analyst price target is $156.54, according to Bloomberg data.

Thill mentioned in a note that according to a Jefferies survey, organizations expect to convert 75% of limited-use-term Citrix licenses to longer-term contracts, which may support high-single-digit revenue growth potential in calendar year 2021.

Jefferies also boosted its outlook on subscription-revenue for Citrix by 6% to 9% to between $1.75 billion and $2.29 billion, compared to the consensus estimate of about $1.7 billion to $2.1 billion.

According to Thill, investors are underappreciating the company's ability to reach or potentially even surpass, its calendar 2022 free-cash-flow target.