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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.

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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.