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Oppenheimer downgrades Check Point to Hold

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midastouch017   Thursday, 12/29/05 04:26:27 AM
Re: None
Post # of 158 
Oppenheimer downgrades Check Point to Hold
29.12.05 | 11:07 By Asaf Rothem
Check Point Software Technologies (NASDAQ: CHKP) has been in the analyst doghouse since October. Prudential, Wedbush Morgan and Jefferies all downgraded the Israeli data security company from Buy to Hold and now Oppenheimer has done the same.
Oppenheimer has concerns about Check Point's new line of products. While the veteran security products continue to sell well, says the investment bank, and to present growth against rival products made by McAfee, Cisco and Symantec, the new ones are slow at wresting market share from competing products.
Buying Sourcefire, a deal that should close in the first quarter of 2006, should add $42 million revenues a year to Check Point. But it will only become seriously revenue accretive in 2007, Oppenheimer projects.
Oppenheimer therefore reduced its revenue projection for Check Point by $2.4 million to $158.7 million for the last quarter of 2005. It projects 35 cents per share earnings, down one cent from its previous estimate.
For the year 2006 Oppenheimer slashed a whole $22 million in revenue to $655.5 million, but it reiterated its earnings per share forecast of $1.41.

http://www.haaretz.com/hasen/spages/663933.html

Dubi





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