Nomura Securities Maintains a 'Buy' on Checkpoint Software (CHKP); Q1 Review

Nomura Securities maintains a 'Buy' on Checkpoint Software (NASDAQ: CHKP) price target of $72.00.

Analyst, Rick Sherlund, said, "Check Point’s 1Q’12 billings (calculated as revenue plus change in deferred revenue) of $303mn were 2% below our estimate of $310mn, but 4% ahead of Street expectations of $291mn. While this is better than the Street, it represents 9% growth YoY, a significant deceleration from the 18% yoy growth we had seen in the December quarter. The company also reported revenue of $313mn, in line with the Street at $313mn, and just below our estimate of $314mn. Given the increasing contribution from Annuity blades, we believe that billings growth is becoming an increasingly important metric and we will look for more details on the slowing in billings growth on the call."

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 $64.05 yesterday.

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