Needham analyst Mike Cikos has maintained their neutral stance on CHKP stock, giving a Hold rating yesterday.
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Mike Cikos has given his Hold rating due to a combination of factors impacting Check Point’s performance. The company’s recent financial results were underwhelming, with billings growth falling short of expectations. This shortfall was attributed to a shift in growth from the June to the September quarter, caused by a mix of broader economic conditions and internal execution challenges, leading to delayed deals.
Despite these setbacks, management expressed optimism, pointing to strong indicators in July and a robust sales pipeline. However, there is caution regarding the timeline for the company’s increased investments to yield results and the potential impact of discounts and delayed deals on near-term performance. These uncertainties contribute to the Hold rating, as investors remain wary of the company’s ability to meet its revenue and earnings projections for the year.
According to TipRanks, Cikos is a 5-star analyst with an average return of 13.3% and a 56.15% success rate. Cikos covers the Technology sector, focusing on stocks such as Zscaler, Cellebrite DI, and Cognyte Software.
In another report released yesterday, Roth MKM also maintained a Hold rating on the stock with a $215.00 price target.