Check Point Software Technologies Inc (CHKP)

[midastouch017]

Check Point is progressing well in third quarter, says CIBC
08.9.2005 | 10:32
Omri Cohen

In the first half of 2005, Check Point Software Technologies (NASDAQ:CHKP) proved the skeptics wrong, presenting 16% revenue growth against the same period of 2004 to $282 million. Its net shot up to $152 million, an increase of 44% against January-June 2004.

Yet so far Check Point stock hasn't done much about it: this year it has lost 6%, and is now lodged in the range of $21-23 per share, while its fans among the analyst community think a pair 12-month price target is $25-31.

This week CIBC Israel said it talked with Check Point distributors and says the company is progressing well ahead in this quarter, which ends at the end of September. The analysts, headed by Avivit Mannet-Kalil, say they feel comfortable with a revenue forecast of $146 million for the quarter, up 13% from the parallel quarter of 2004.

CIBC repeated an Outperform rating for the stock and set it a 12-month price target of $30.

Check Point stock gained 1.5% yesterday, passing $23 for the first time in two months.


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