The terrorist attacks on the United States on September 11 prompted investment house Credit Suisse First Boston to cut its 12-month price target for Check Point Software Technologies (Nasdaq:CHKP) to $50, 28% below its previous target of $70.

It also lowered its estimates for the third and fourth quarters of this year, and for 2002.

Dain Rauscher Wessels begs to differ, opining that Check Point's third- and fourth-quarter results will not be substantially affected by the slump in U.S. business activity. Analyst Stephen Sigmond reiterated a Strong Buy Aggressive Risk rating and target of $75.

CSFB analyst Todd Raker reiterated a Buy rating for Check Point, which makes data security systems, but predicts that the tragic events in the United States sparked uncertainty that will disrupt corporate procurement decisions.

Raker lowered his sales estimates, now predicting third-quarter sales of to $126 million, compared with the previous estimate of $128 million. He shaved his earnings forecast by 1 cent to 28 cents per share.

For the fourth quarter, Raker predicts revenue of $136 million, down from his previous forecast of $141 million. He left his EPS forecast unchanged at 31 cents.

For the year 2000, he lowered his forecast from $687 million revenue to $615 million, and cut his EPS outlook from $1.52 to $1.39.

Since Wall Street trade resumed on Monday, Check Point has lost 20% to a 52-week low.