Check Point Software Technologies (CHKP) shares are expected to remain in a narrow range until the company's product recovery becomes more consistent, while Q2 revenue may meet or slightly top the midpoint of guidance, Oppenheimer said Monday in a report.

Oppenheimer said stable operations, early pipeline rebuilding and conservative guidance support its Q2 view, though it does not expect product revenue to return to growth until Q4 or Q1 2027. Recent sales leadership and go-to-market changes should help over time, though sales teams may still face some disruption as they adjust to new roles and accounts, the report said.

Subscription growth is expected to pick up in H2, a trend already reflected in market expectations and offering limited upside, Oppenheimer said. Check Point may lift quarterly stock buybacks above $500 million and pursue additional small acquisitions if its valuation remains near current levels, the report said.

Oppenheimer maintained its perform rating on Check Point stock. Q2 results are expected July 30.

Price: 134.46, Change: +2.76, Percent Change: +2.10