FBR Capital reiterated an Outperform rating and $95.00 price target on Checkpoint Software (NASDAQ: CHKP) following the company's 3Q15 earnings results. Total revenue of $403.9 million was in line with the Street's estimate of $403.0 million. Pro forma EPS came in at $1.04, beating the Street's $0.98 estimate. Analyst Daniel Ives believes that massive secular tailwinds from the evolving threat environment should continue to benefit Check Point and its next-generation security solutions.

Ives commented, "This morning, Check Point delivered respectable 3Q15 (September) results that hit the Street’s estimates on the top line while exceeding consensus on the bottom line, although missing on the all-important deferred number. With fears in the security space running rampant after the Barracuda miss and Fortinet's underwhelming performance, we would characterize Check Point's in-line September results/ December guidance as slightly better than feared by many on the Street. While Check Point is continuing to see a more competitive landscape take hold on the security front, we believe the company is well positioned to benefit from strong demand in the channel for its blade architecture, as well as more share gains from competitors with its appliance-driven product cycle gaining good traction in the field as evidenced again during the September quarter. Coupled with the company's solid capital allocation plans (share repurchases, opportunistic M&A), we believe massive secular tailwinds from the evolving threat environment should continue to benefit Check Point and its next-generation security solutions, with a number of blades (e.g., Threat Emulation, Application Control, Anti-Bot) front and center. We maintain our Outperform rating and $95 price target (21x our FY16 EPS estimate)."

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Shares of Checkpoint Software closed at $80.43 yesterday.