Credit Suisse Sees 5% Growth in Sales for Q3

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“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.

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

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