Raymond James下调Check Point评级并称渠道检查恶化、客户流失开始出现

Raymond James Downgrades $CHKP to Market Perform from Outperform

Analyst comments: “We are downgrading CHKP to Market Perform from Outperform as recently improved sentiment, including multiple competitor upgrades over the past few weeks, contrasts with our deteriorating channel checks. We are increasingly getting the sense that this turnaround may take longer than we previously expected.

Recall that Check Point reported first-quarter results that missed expectations, with Product revenue declining 3% year over year due to a series of management changes during a broad organizational restructuring. We identified weakness in our first-quarter channel checks and regret not acting sooner. While we initially chose to remain patient, our recent conversations with partners suggest trends have deteriorated further.

Importantly, we are now hearing instances of customer churn, which is a new development. Bookings are down broadly, and the pipeline heading into the second half of the year appears weak, making a third-quarter rebound seem unlikely at this point.

The reasons cited vary, but we consistently heard that: (1) endpoint security is becoming increasingly important in an AI-driven environment, and Check Point does not currently have a competitive offering, potentially making this an area for mergers and acquisitions; (2) personnel changes have created confusion, with some partners encountering difficulties executing even routine renewals; and (3) the initial enthusiasm surrounding new CEO Nadav Zafrir has faded following operational missteps and the company's failure to capitalize on important industry developments, including Project Glasswing, although we acknowledge Check Point's participation in Daybreak.”

Analyst: Adam Tindle