Wells Fargo analyst Andrew Nowinski maintained a Hold rating on Check Point (CHKP – Research Report) yesterday and set a price target of $200.00.
Andrew Nowinski has given his Hold rating due to a combination of factors surrounding Check Point’s current strategic initiatives and market position. The company is undergoing a significant transformation under the leadership of new CEO Nadav Zafrir, which has generated optimism among channel partners and stakeholders. However, the anticipated return to double-digit growth is contingent upon the successful execution of these strategies, particularly in the SASE market, which is deemed crucial for Check Point’s future growth.
Despite the positive momentum from increased channel partner investments and the promising outlook for their SASE and email security solutions, there remains uncertainty about the pace at which these initiatives will translate into substantial financial performance. The focus on integrating new technologies and expanding their market presence is promising, but the need for tangible results in revenue growth and market share gains justifies a cautious approach, leading to the Hold rating.
In another report released today, Barclays also maintained a Hold rating on the stock with a $230.00 price target.