Concerns about Check Point (CHKP) Mainly Noise, Oppenheimer Reiterates Buy

September 24, 2012 12:57 PM EDT
Get Alerts CHKP Hot Sheet
Price: $95.75 +6.85%

Rating Summary:
    18 Buy, 18 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 34 | New: 34
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Oppenheimer analysts reiterated their Outperform rating on Checkpoint Software (NASDAQ: CHKP) and price target of $70.00.

Checkpoint shares are lower by 7 percent over the past 3 months after concerns resurfaced about the competitive landscape, Europe and slower growth rates.

“We believe these concerns are mainly noise similar to pre-2Q12 results, as our field checks with 22 VARS suggest CHKP should report 3Q results at least in line with consensus estimates of $332M/$0.76 (our $334.2M/$0.78),” said analyst Shaul Eyal.

“In our opinion, with shares depressed CHKP has taken advantage of its $1B share buyback plan to return value to investors. CHKP remains attractively valued, at 13.2x FY13E EPS including $16.30 of cash/share,” added Eyal.

For an analyst ratings summary and ratings history on Checkpoint Software click here. For more ratings news on Checkpoint Software click here.

Shares of Checkpoint Software closed at $46.68 yesterday.

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