RBC cut its target price for the company by 18.5% to $53.
Shares in network security company Check Point Software Technologies Ltd. (Nasdaq: CHKP) have been traded at over $60 this year, but have been sliding for a long time. The share price fell 3% yesterday to $46.72, giving a market cap of $9.6 billion, after RBC, a partner of Tamir Fishman & Co., downgraded its recommendation for the company and cut its target price.
RBC cut its recommendation for Check Point from "Outperform" to "Market perform", and cut its target price by 18.5% to $53. RBC says that the new recommendation better reflects the company's risks and rewards. It believes that rising competition will result in an aggressive pricing policy, which will not allow Check Point to grow faster than the market.
Published by Globes [online], Israel business news - www.globes-online.com - on October 2, 2012
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