Checkpoint Software (CHKP) Price Target Raised to $100 at Needham & Company

Needham & Company analyst Scott Zeller reiterated a Buy rating and raised his price target on Checkpoint Software (NASDAQ: CHKP) to $100.00 (from $85.00) on strong March quarter.

Zeller commented, "The Check Point performance in MarQ was strong, beating on both revenue and earnings. The climate for spending continues to be very strong for cyber security and we view Check Point and PANW (Buy) as two of the strongest beneficiaries of secular spending strength. CHKP, in our view, has been a “survivor” of the upheaval from PANW, FEYE and others that have been seeking to unseat veterans of the space, including CHKP, JNPR and CSCO. As such, we believe CHKP will continue to benefit from increased spending on cyber budgets in IT, and we believe estimates may prove conservative. Our target price goes to $100 from $85 as we see 8x EV/CY16E as a fair target for a leader in cybersecurity spending."

The firm raised FY 2015 EPS from $4.00 to $4.01 and FY 2016 EPS was maintained at $4.45.

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 $85.88 yesterday.

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