Check Point upgraded to Outperform from Market Perform at BMO Capital

BMO Capital upgraded Check Point (CHKP) to Outperform from Market Perform with a price target of $275, up from $245. The firm cites increased confidence in the company’s “durable growth” for the upgrade, driven by its investment in key areas, new leadership, and a “reasonable valuation.” Check Point can “grind higher” over the next few years by becoming more of a high single-digit growing security company, rather than a low to mid single-digit firewall company, the analyst tells investors in a research note. Further, if the economy and technology “tape are volatile,” Check Point’s valuation “remains defensive,” contends BMO.