Check Point Software (CHKP) - Get Report was down 8% in preopen Island trading after Lehman Brothers cut its rating to buy from strong buy and lowered its 12-month price target to $70 from $110.

Lehman said the Israeli network security and infrastructure software maker faces tougher competition amid the economic slowdown in the U.S. Lehman added that recent price promotions by the company suggest that "near-term customer demand remains an issue."