Morgan Stanley analyst Keith Weiss said Citrix Systems' Q4 results were "solid," adding that its ability to exceed revenue expectations despite the headwind of a rising mix of subscription suggests that underlying demand was strong in the quarter. However, the company saw outsized strength from the Strategic Service Provider business, which is characterized by order lumpiness and significant quarterly volatility, and the company's FY20 guidance appears to assume a more conservative subscription bookings mix of 65-75%, which compares to initial expectations for "as high as 80%" given just last quarter, said Weiss. The analyst, who thinks the company's guidance implies "uneven progress" on Citrix's cloud transition, keeps an Underweight rating on the stock, though he bumped up his price target to $113 from $110.