Analyst downgrades Check Point Software as growth slows despite new products

B of A Securities analyst Tal Liani downgraded Check Point Software Technologies from Buy to Neutral, lowering the price target from $205 to $195. The company reported a 7% revenue growth to $635.1 million, slightly below expectations. Check Point's adjusted operating margin fell to 43% from 45% last year. Billings growth was weak at 5.8% year-over-year, missing the expected 8.2%. Liani expressed concerns about the company's low growth trajectory despite new product launches. The analyst noted that achieving double-digit growth may not happen until 2025. Check Point's stock fell 2.24% to $173.89 following the downgrade.