Check Point price target lowered to $220 from $240 at Jefferies

Jefferies lowered the firm’s price target on Check Point (CHKP) to $220 from $240 but keeps a Buy rating on the shares. The company’s Q3 billings growth of 6% missed consensus estimates of 8% and an even higher buyside expectations of about 10%, though the weakness was in part explained by five percentage points of headwinds from deals that slipped into Q4, the analyst tells investors in a research note. The long term opportunity on Check Point “remains apparent”, though investors will justifiably question its near term visibility given Q3 weakness and cautious Q4 budget commentary, the firm added.