Morgan Stanley has downgraded Israeli cybersecurity company Check Point Software Technologies Ltd. (Nasdaq: CHKP) from Equal Weight to Underweight and cut the price target by 6% from $115 to $106. In response Check point's share price is down 2.06% in pre-market trading on Nasdaq at $110.30, giving a market cap of $17.6 billion. Morgan Stanley analyst Keith Weiss writes, "Check Point has struggled to maintain pace and market share in recent years and we see no sign of this dynamic changing in 2020." RELATED ARTICLES Check Point identifies WhatsApp chat breach Check Point buys Israeli serverless security co Protego Check Point beats earnings estimates, revenue up 4% Check Point hit by Merrill Lynch double downgrade Weiss explains that his surveys of companies' chief security officers and resellers have found that Check Point is losing market share to rivals Palo Alto Networks and Fortinet. These losses, he adds, have been exacerbated by sales execution challenges and the company is increasing investment in sales and marketing. Weiss stresses that these problems will restrict revenue growth. Published by Globes, Israel business news - en.globes.co.il - on January 13, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020
