Oppenheimer Boosts Target on Checkpoint Software (CHKP) After Checks, Sees Raised Buyback or Dividend

Oppenheimer reiterated their Outperform rating on Checkpoint Software (NASDAQ: CHKP) and raised their price target to $70 after mid-quarter channel checks indicate solid demand for CHKP's blades and appliances.

"The early adoption of CHKP's recently launched high-end appliances (61000 and 21400) could generate 1Q12 results at least in line with our $0.71 on $310.8M (+10.5%) estimates (consensus at $312.8M/$0.71)," the analyst comments.

Also with a growing focus on capital allocation strategies for cash-rich technology companies, this could lead to a more aggressive buyback plan or a dividend distribution.

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 $61.28 yesterday.

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