Jefferies analyst Joseph Gallo upgraded Check Point Software to Buy from Hold with a price target of $150, up from $135. The company is well positioned for a consolidating IT security market in a "more challenged" 2023, Gallo tells investors in a research note. The analyst says Check Point continues to reorient itself toward growth and that its profitability will allow it to continue to invest even in a worsening macro environment. Consensus 2023 revenue expectations are reasonable and the stock’s valuation "should prove very defensible," writes Gallo.
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