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Technology Stocks : Check Point Software (CHKP)
CHKP 112.35+2.8%3:59 PM EST

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To: Art Bechhoefer who wrote (7134)7/27/2004 7:02:51 AM
From: John Carragher  Read Replies (1) of 7150
by: headtoo (30/M/uk)
Long-Term Sentiment: Strong Buy 07/27/04 01:59 am
Msg: 197987 of 197992

Check Point turned in a solid 2Q04 that met top and bottom line
expectations and showed strong cash flow characteristics. However, the mid-
point of 3Q04 guidance missed consensus and the decision not to detail ZoneLabs
contribution caused the stock to weaken. We regard today's pullback as an
overreaction and believe fundamentals remain on track. We reiterate our Buy
and $30 price target.

o Check Point's 2Q04 results met expectations and showed solid deferred
revenue growth and cash flow generation. New 2003 products (Express, VPN-1
Edge and Safe@Office) grew as a proportion of sales (35% vs. 25% last quarter).
We believe management's 3Q guidance reflects seasonality in the ZoneLabs
business - and interpret the decision to maintain FY04 outlook as reinforcing
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