Check Point downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Brad Zelnick downgraded Check Point to Hold from Buy with a price target of $150, down from $160. The analyst says cybersecurity is more vulnerable than investors perceived 6-9 months ago. Cybersecurity will prove to be later cycle versus other areas of software, creating incremental risk into 2023, the firm tells investors in a research note. The analyst expects 2023 to be another volatile year for software stocks with investors seeking confirmation of a bottom as fundamentals "likely deteriorate further." Deutsche prefers earlier cycle names within software for 2023 over later ones, and tells investors to "selectively begin picking away at quality growth."