Jefferies lowered the firm’s price target on Check Point (CHKP) to $220 from $240 but keeps a Buy rating on the shares. The company’s Q3 billings growth of 6% missed consensus estimates of 8% and an even higher buyside expectations of about 10%, though the weakness was in part explained by five percentage points of headwinds from deals that slipped into Q4, the analyst tells investors in a research note. The long term opportunity on Check Point “remains apparent”, though investors will justifiably question its near term visibility given Q3 weakness and cautious Q4 budget commentary, the firm added.
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Read More on CHKP:
- Check Point price target lowered to $200 from $210 at Barclays
- Check Point Software’s Strong Q3 Growth and Strategic Moves
- Check Point sees Q4 EPS $2.60-$2.70, consensus $2.65
- Check Point sees FY24 adjusted EPS $9.05-$9.15 vs. prior view $8.70-$9.30
- Check Point sees FY results ‘well within range’ previously provided