(MENAFN- Trend News Agency) Check Point Software Technologies Ltd. (Nasdaq: CHKP) was sown on Wall Street yesterday after Bank of America Merrill Lynch downgraded the Israeli cybersecurity company and lowered its target price,Trendwith reference toGlobesreports.
Bank of America Merrill Lynch analyst Tal Liani downgraded Check Point by two notches from "Buy" to "Underperform" and cut the target price from $130 to $116 per share, which is still well above last night's closing price on Nasdaq.
As a result, Check Point's share price fell 2.62% by $2.91 to $108.18 per share, giving a market cap of $16.809 billion. The company's share price is up 7% this year but down 18% from its peak of $131.61 per share in April.
Liani expresses concern that Check Point has been losing market share in the cybersecurity sector over the past five years and has reservations about the Israeli company's new Infinity product. Liani is concerned that while Infinity may be effective against 5G mega cyberattacks, the product may prove to be too expensive for many customers.
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