Goldman Sachs sees 7% upside in Check Point

Check Point Photo: Reuters

Goldman Sachs equity analyst Brian Essex has also upgraded the Israeli cybersecurity company from "Sell" to "Neutral."

Goldman Sachs equity analyst Brian Essex sees a 7% upside in Israeli cybersecurity company Check Point Software Technologies Ltd. (Nasdaq: CHKP) and has raised the company's recommendation from "Sell" to "Neutral." Goldman Sachs has raised Check Point's price target from $116 per share to $128 per share. Check Point opened 0.85% lower on Wall Street today at $119.45 per share, giving a market cap of $16.76 billion.

Essex said that he had raised the recommendation and price target because of improved billings, which had looked weaker at the start of 2020. He added that new products were achieving improved market penetration and that there was "improved traction among Check Point resellers."

Last week Check Point reported strong third quarter financial results with both revenue and net profit topping the analysts' estimates.

Published by Globes, Israel business news - en.globes.co.il - on October 26, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Check Point Photo: Reuters
Check Point Photo: Reuters
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