Standpoint Research Upgrades Checkpoint Software (CHKP) to Buy

Standpoint Research upgraded Checkpoint Software (NASDAQ: CHKP) from Hold to Buy with a price target of $50.00.

Analyst Ronnie Moas comments, "CHKP shares have under-performed the S&P-500 by > 1500 bps since our downgrade. The shares were oversold on the news from October 17 and can be repurchased at this time now trading at 12X down from 18X in Q2. The negatives here include the macroeconomic environment, foreign exchange rate moves, budget tightening, weakness in Product and Licenses revenue, competition from PANW and a disappointing near-term outlook... . We are looking for retracement on the $24 drop off the high of 33% by 2013-2014... Looking out to 2015-2016 CHKP should be able to deliver EPS near $4.00 and we would attach a 12X-13X multiple to this figure in order to arrive ast our $50 price target for 2013-2014."

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 $41.42 yesterday.

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