UPDATE: FBN Securities Initiates Outperform, $65 PT on Check Point Software

FBN Securities initiates its coverage on Check Point Software

with an Outperform rating and a price target of $65 per share as the company leads the network firewall market. FBN Securities says, "We are initiating coverage of Check Point Software (

) with an Outperform rating and $65PT. The company is the market share leader in enterprise network firewalls (roughly 90% of revenue, the other roughly 10% of revenue being endpoint-related), and with its R75 software suite in February 2011 entered the next-generation firewall (NGFW) market. With its 2007 entry into the appliance market and with its 2009 entry into the software blade market, it created a more recurring revenue model with cross-selling opportunities." CHKP closed at $65 per share on Wednesday.