Needham & Company Upgrades Checkpoint Software (CHKP) to Buy
Get Alerts CHKP Hot Sheet
Rating Summary:
18 Buy, 27 Hold, 3 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 15 | Down: 10 | New: 13
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Needham & Company upgraded Checkpoint Software (NASDAQ: CHKP) from Hold to Buy with a price target of $80.00.
Analyst Scott Zeller commented, "Our decision to upgrade shares of Check Point today have less to do with valuation, and more to do with (a) surprise strong performance in blades; (b) ongoing strong performance with high-end data center appliances; (c) the current macro environment, which we see as favoring defensive investments, and (d) our belief that CHKP will be a more meaningful participant in Next Gen Firewall than we first thought. On valuation, we believe investors may be more willing to expand the P/E multiple given the improving growth profile of license & blade revenue, which we see as a blended +11% growth rate in CY14. We are raising estimates on strong SeptQ results and guidance, and setting a price target of $80, which is 15x our new $4.10 CY15E EPS and 7x EV/CY15E revenue."
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 $71.00 yesterday.
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