UPDATE: Stifel Nicolaus Upgrades Check Point Software Technologies to Buy - Check Point Software (NASDAQ:CHKP)

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Stifel Nicolaus is out with its report today on Check Point Software Technologies (NASDAQ: CHKP), upgrading CHKP from Hold to Buy.In its report, Stifel Nicolaus writes, "We are upgrading shares of Check Point to Buy from Hold and establishing a target price of $65, which represents an EV/FCF multiple of 15x and 13.5x our 2011 and 2012 FCF estimates respectively and 17x our stripped 2012EPS estimate of $3.06 (excludes $0.19 of interest income contribution) plus $12.50 in cash per share. At the time of posting, shares of CHKP were trading at $54.07, up 1.46% from Thursday's close.

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