Goldman Sachs Downgrades Citrix Systems, Removes From Americas Buy List

In a report published Monday, Goldman Sachs analysts downgraded the rating on

, while maintaining the price target at $69. The company was also removed from Goldman Sachs' Americas Buy List. Over the past two quarters, Citrix Systems' stock realized the benefits of its multi-year operating margin expansion program and the restructuring initiative. The share price rose over 7 percent since June 2013, as compared to the more than 30 percent S&P increase. "We continue to believe CTXS is taking the necessary actions as the company transitions from growth to value. We also believe CTXS will be able to successfully execute on its plan over the long haul," the analysts said. However, there are few catalysts for the stock in the near term, following the announcement of the margin expansion and restructuring programs. According to Goldman Sachs, Citrix Systems' stock needs near-term catalysts such as "potentially divesting non-strategic assets or further reducing its cost base to match its growth profile outperformance." However, the analysts believe that the "management does not seem open to" making the bolder moves required at present.