UPDATE: Bank of America Upgrades Check Point Software Technologies to Buy on Valuation

Bank of America raised its rating on Check Point Software Technologies

from Neutral to Buy and increased its price objective from $47 to $52. Bank of America noted, "With the stock down 32% from its peak, we are upgrading our rating to a Buy and note three drivers for the stock: First, the company launched substantial number of new products and we expect the growth to accelerate in 1H 2013. Second, recent market share losses are mostly attributed to the mechanics of the new product launches, as explained below, a trend we expect to reverse early next year as well. Lastly, trading at 8x ex-cash and 12.2x straight 2013 P/E, we find the stock attractive and see upside to our new PO of $52." Check Point Software Technologies closed at $42.85 on Tuesday.