Checkpoint Software (CHKP) PT Lowered to $200 at FBN Securities

FBN Securities analyst Shebly Seyarfi lowered the price target on Checkpoint Software (NASDAQ: CHKP) to $200.00 (from $220.00) while maintaining a Outperform rating.

The analyst comments "Retain Outperform. We retain our Outperform rating on CHKP and lower our PT from $220 to $200 to reflect multiple contraction in the broader software space. Still, CHKP had a mixed FQ4, with revenue growth of 6% Y/Y (a tad below consensus), billings up 8% Y/Y (and 2% above consensus), and NG operating margin of 40.6% (down 3.0pp Y/Y) coming in .7pp below consensus. RPO grew by 8% Y/Y, down from 9% Y/Y in FQ3 but with a 3pp tougher comparison. We estimate that Americas growth slowed to 7% Y/Y from 10% Y/Y in FQ3. EMEA grew by 5% Y/Y, and Asia-Pacific and Japan grew by a strong 11% Y/Y."

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