Citrix downgraded to Neutral from Buy at Citigroup Citigroup downgraded Citrix Systems citing a lack of growth in the company's desktop business and continued unfavorable product mix. Citi lowered its price target for shares to $58 from $70 following the company's Q4 results.
Citrix reports restructuring program affecting 700 f/t, 200 p/t workers Citrix announced the implementation of a restructuring program designed to increase strategic focus and operational efficiency. The restructuring will affect approximately 700 full-time and 200 contractor positions, and is expected to result in annualized pre-tax savings in the range of approximately $90M-$100M. Citrix expects to incur pre-tax charges in the range of approximately $40M-$45M related to employee severance arrangements and $9M-$10M related to the consolidation of leased facilities during FY15.