By Sam Boughedda
Investing.com — Shares of Check Point Software Technologies Ltd (NASDAQ:) rose 4% and hit a high of $128.04 Friday after Raymond James upgraded the stock.
Analyst Adam Tindle upgraded the company from market perform to outperform with a price target of $140 based on near-term solid demand in emerging subscription-based technology and net new customer growth.
He added that they also believe there will be “a mid/high-single digit price increase likely to phase in during 1H22.”
“We acknowledge longer-term structural concern over the fate of the firewall, but Check Point does generate healthy cash flow on top of already significant balance sheet optionality for further platform expansion, and we still think this is a stock that can work over our NTM time horizon given the healthy growth dynamics we are hearing,” added Tindle.
In mid-December, analysts at Mizuho and UBS lowered their price targets on the stock to $125.
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