Ahead Of The Bell: FBR Downgrades Check Point

NEW YORK (AP) — The big upward move in shares of Check Point Software Technologies Ltd. is probably done for the year, an FBR Capital Markets analyst said Wednesday as he downgraded the Internet security products maker to "Market Perform" from "Outperform."

Check Point shares are up 44 percent this year, while the broader Nasdaq 100 index, heavily weighted to technology stocks, has gained a more moderate 29 percent.

Stock of the Israeli company closed at $27.38 Tuesday, nearly 6 percent away from FBR analyst Daniel Ives' target price of $29 and near its high for the past year of $28.73.

He said in a research note that the stock will trade within tight ranges, probably until 2010, when Check Point's December acquisition of Nokia Corp.'s Internet security business will start to strongly impact sales and profit. The Nokia buy will be a "nice potential growth catalyst" for 2010, Ives said.