Wells Fargo upgraded Check Point (CHKP) to Overweight from Equal Weight with a price target of $280, up from $200. New CEO Nadav Zafrir is a “game-changer” for the company and can leverage his prior experience to further penetrate the Fortune 500 and expand Check Point’s product portfolio via acquisitions, the analyst tells investors in a research note. The firm also believes key product cycles in secure access service edge and email security can drive an acceleration in Check Point’s billings growth. An acceleration in billings growth can enable free cash flow growth to accelerate to the low- to mid-teens, which should lead to multiple expansion, contends Wells.
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