SMBC Nikko analyst Carson Sippel downgraded Check Point Software Technologies to Underperform from Neutral with a price target of $120, down from $125. The analyst says the deterioration of forward-looking metrics implies further growth deceleration for the company. This is on top of contracting margins and a lack of foreseeable catalysts, the analyst tells investors in a research note. The firm says Check Point’s shares losses in the core firewall market are accelerating while it is struggling to scale its non-firewall segments.
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