Check Point Software Technology (CHKP): Expecting Midpoint Or Better Results - Oppenheimer
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Oppenheimer analyst, Shaul Eyal, reiterated his Outperform rating on shares of Checkpoint Software (NASDAQ: CHKP) following quarter-end checks with 25 Value Added Resellers (VARs).
The analyst expects the company to report results in line with its mid-point revenue guidance of $420M (up 4.1% YoY).
Key takeaways: 1) solid traction of CHKP's recently introduced high-end appliances (23800 &15600)
2) consistent European (36%) and US (48%) performance
3) easing maintenance discounting pressure that reflected negatively on 2Q results
4) the company's subscription-base-driven business model lending itself to high levels of predictability and profitability
5) customers' ongoing shift toward vendor consolidation as well as platform adoption.
At 14.2X FY18E EPS (ex-cash), CHKP offers 22% upside potential to the analyst's unchanged, $94 PT.
Earnings are expected 10/31 (pre-open).
Shares of Checkpoint Software closed at $77.76 yesterday.
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