UPDATE: JP Morgan Upgrades Check Point Software to Overweight On Expectations, Valuation

JP Morgan raised its rating on Check Point Software

from Neutral to Overweight with a reiterated $50 price target. JP Morgan commented, "The results of the September quarter have sufficiently lowered investor expectations and valuation to a level from which we believe Checkpoint can outperform. We believe implied bookings will turn positive in the 4th quarter from the negative result in September and act as a catalyst for shares. In addition, we have seen the concern over market share losses in two other periods of time and expect the market to move past this concern as growth turns." Check Point Software closed at $42.22 on Monday.