Wells Fargo downgraded Checkpoint Software (NASDAQ: CHKP) from Outperform to Market Perform with a price target of $117.50 (from $120.00).

Analyst Philip Winslow comments "We believe that Check Point, with its entrenched firewall appliances and Software Blade Architecture, is well positioned to defend its position in the network security market, particularly given that recent high-profile breaches have made network security spending a board-level focus. However, recent execution shortfalls and increasing uncertainty regarding the competitive environment in network security have made us more cautious on Check Point’s nearterm product revenue growth. We believe the company’s valuation reflects these concerns..."

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 $103.41 yesterday.