Research Alert: CFRA Maintains Buy Opinion On Shares Of Check Point Software Technologies Ltd.
11:05 PM EST, 02/04/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We keep our 12-month target price at $150, 22.3x our '21 EPS estimate, a slight premium to its three-year historical average P/E at 21.5x, reflecting our expectation that demand will remain elevated for the foreseeable future. We trim our '21 EPS estimate by $0.19 to $6.73 and set '22's at $7.19. CHKP reported Q4 operating EPS of $2.17 vs $2.02, $0.06 above the consensus. Q4 revenue increased 4%, with a 6% growth in product and security subscriptions, driven by a 10% increase in subscriptions, while software updates and maintenance revenue increased 0.7%. Going forward, subscription revenue will continue to be the main growth driver, led by Infinity and CloudGuard Solutions. CloudGuard has already reached more than 3,000 customers and we expect adoption will continue to be robust in '21. Given the recent string of high-profile data breaches, we expand demand for firewall products to remain elevated throughout the year.