The Fort Lauderdale, Fla.-based company's stock is up nearly 50 percent for the year. Banc of America analyst Kirk Materne downgraded the stock to "Neutral" from "Buy."
Materne still likes Citrix's growth prospects, but said the shares now carry a less favorable balance of risk and reward.
Further, there are three obstacles facing Citrix heading into the fourth quarter, he said. First, Citrix will find it difficult to keep beating its sales numbers, he said. Second, the assumed $50 million in revenue from XenSource, a virtualization software company Citrix bought recently, is not a given.