03:50 PM EDT, 04/25/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We trim our 12-month target price to $167 from $176, on a P/E of 18x our next-12-month EPS view of $9.26, above its three-year historical average. We raise our 2024 EPS projection to $9.07 from $9.05 and up our 2025 EPS estimate to $9.99 from $9.95. CHKP posted Q1 sales of $599M, above consensus by $4.1M, and non-GAAP EPS of $2.04 beat by $0.03. Double-digit growth (+15.4% Y/Y) in Security Subscription sales, supported by demand for its Infinity and Harmony suite of solutions, more than offset continued weakness in Products and Licenses (-7.1% Y/Y). We are encouraged by improved new business activity as annualized new bookings growth climbed during the quarter. Billings were +6.6% Y/Y and the string of new product announcements, including a major refresh of its security appliance line (Quantum force) and AI co-pilot features, could stimulate new order interest. However, we note that management is seeing a mixed and less positive near-term spending environment, which could pressure results.