“As a result of recent high-profile data breaches and nation-state hacking attempts, board-level focus on the growing security threat landscape and the implications of emerging technologies (i.e., cloud, software-defined networking, and mobile) have both undoubtedly increased due to reputational and business risk – resulting in healthy demand for network security technologies, ” Credit Suisse analysts write ahead of the release of Check Point Software Technologies Ltd.’s (Nasdaq: CHKP) financials.
The network security company is scheduled to publish its third quarter reports on October 23, and the market forecasts $367.1 million revenue and earnings per share of $0.91 for Check Point. Credit Suisse says that a survey among distributors shows growth in the company’s sales, compared with the corresponding quarter last year, and its analysts believe that Check Point will report 5.1% sales growth in the quarter. They conclude from the survey results that Check Point is achieving growth, or least maintaining its market share, in the firewall and VPN segment.
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In view of the positive market trends noted by Credit Suisse, it gives a “Market Outperform” rating for Check Point with $72.50 a target price, 6% higher than the market price. Check Point is traded on Nasdaq at a $13 billion market cap, following a 6% rise in its share price this year.
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Published by Globes [online], Israel business news – www.globes-online.com – on October 21, 2014