Check Point downgraded to Neutral at BofA on go-to-market challenges

As previously reported, BofA downgraded Check Point (CHKP) to Neutral from Buy with a price target of $195, down from $205. While the “focal point of the quarter” was the weak billings growth of 5.8% year-over-year, the firm is less worried about billings that it believes will largely recover next quarter and more focused on the low growth trajectory despite new products and general go-to-market challenges, the analyst tells investors. The Street is generally looking for visibility towards double digit growth and the firm’s analysis “suggests it would not be feasible in 2025,” the analyst says in a post-earnings note.