Citigroup Lowers PT on Check Point Software to $68

Citigroup has published a research report on Check Point Software Technologies CHKP and has lowered the price target from $69 to $68. In the report, Citigroup writes, "Revenue of $308M (+13% Y/Y) was slightly ahead of our / street $307M with product delivering the upside. Furthermore, deferred revenue was essentially flat on a Q/Q basis vs. normal decline, driving billings growth of 20%, ahead of 13% revenue growth. We expect that billings will continue to outpace revenue growth into FY12 and view this driver favorably as company builds a larger base of recurring revenue." Citigroup maitnains its Buy rating on Check Point Software, which is currently trading up $0.30 from its $58.03 closing price yesterday.