Check Point price target lowered to $220 from $240 at Scotiabank

Scotiabank lowered the firm’s price target on Check Point (CHKP) to $220 from $240 and keeps an Outperform rating on the shares. The company reported a “somewhat disappointing” Q2 results, with management noting an “unusually large value” of slipped deals in the quarter, the analyst tells investors. The firm maintains its rating on the stock given the company’s defensive nature and sticky customer base, its top tier operating margin profile, its gross repurchase yield, and the reasonable valuation.