Oppenheimer Reiterates Outperform on Check Point Software Technologies

Oppenheimer is out with its report today on Check Point Software Technologies CHKP, rieterating Outperform. In its report, Oppenheimer writes, "We reiterate our Outperform rating on CHKP shares with a price target of $65 on a target multiple of 20.5x our FY12 EPS estimate of $3.18, given expected double-digit top-line growth. Our target is further supported by CHKP's outsized ~$12.54 in net cash per share. CHKP shares have been trading down given that no company can outrun macro weakness, but we believe given CHKP's solid performance and execution, it has weathered downturns more favorably, providing it a defensive nature at times." Shares of CHKP closed Friday at $56.01, down 0.78% from Thursday's close.