Cautious Optimism for Check Point Software: Balancing Impressive Growth with Revenue and Expense ConcernsWe apply an equally-weighted P/E and EV/FCF approach to our forecasts to derive our target price, given CHKP’s low topline growth, maturity, size, public company history, and profitability potential. Our $200 target price is based on a 50/50 blend of 17x on CY26E. Multiples are largely in-line/above 5-year NTM respective medians of 17x and 14x (respective ranges 13-20x; 10-17x) and 1-year NTM respective medians of 16x and 15x (respective ranges 15-18x; 13-17x), commensurate with mixed sales execution, growth trends materially trailing peers, higher levels of opex required to sustainably re-accelerate revs/billings, but offset by resilient profitability and earnings profile and a fresher C-suite (new CEO, CRO, CSO) adding vigor in the efforts to re-energizing topline.