** Shares of cybersecurity solutions provider Check Point Software Technologies CHKP.O rise 2.4% to $220 premarket
** Wells Fargo upgrades CHKP to "overweight" from "equal weight" and raises PT to $280 from $200, implying a ~30% upside to stock's last close
** CHKP's new CEO Nadav Zafrir is seen as a "game-changer", who can leverage his experience to further penetrate the Fortune 500 enterprise market and expand the company's product portfolio via M&A - brokerage
** Company has two key product cycles — SASE and email security — which can drive billings growth to 6%, says Wells Fargo
** Company's free cash flow growth expected to accelerate to "13%-14% range", approaching levels of competitors Fortinet FTNT.O (13%-15%) and Palo Alto Networks PANW.O (14%-15%), which "trade at a significant premium" - brokerage
** CHKP shares rose about 22.3% in 2024
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com))
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