Check Point upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler last night upgraded Check Point (CHKP) to Overweight from Neutral with a price target of $260, up from $220. The firm came away from last week’s user conference and management meetings more optimistic about the future for Check Point, and believes the company’s underlying momentum will improve in the coming years. New management has served to “galvanize the CHKP story, better positioning it to capitalize on the security opportunity,” the analyst tells investors in a research note. Piper believes the stock’s “narrative will get better,” especially if the company can get close to double-digit growth in the future, which will drive an increased multiple.