BMO downgrades Check Point after earnings, sees stock being range-bound

As previously reported, BMO Capital downgraded Check Point to Market Perform from Outperform with a price target of $133, down from $140. The company’s March quarter results increased concerns the firm previously raised that product revenues will remain weak in 2023 and it does not envision newer offerings, such as SD-WAN, to improve subscription revenue growth this year. The firm thinks weak product revenues, and likely billings, will "keep the stock range-bound for the year," the analyst tells investors.