Scotiabank starts Check Point at Outperform, says worst margin declines behind

As previously reported, Scotiabank analyst Patrick Colville initiated coverage of Check Point with an Outperform rating and $160 price target, calling "one of our favorite picks." Even in the current uncertain macro environment, he expects Check Point estimates to be lifted in 2023 given drivers that include rising price on appliances, new product launches, and easing supply chain shortages. The "worst of the company’s margin declines are in the rear-view mirror," the analyst added.