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CS First Boston Cuts Check Point Outlook

Credit Suisse First Boston raised estimates on Check Point (CHKP).

Analyst Todd Raker says second quarter earnings per share and revenues beat estimates. He raised his $429.6 million 2002 revenue estimate to $433.2 million, and upped the $0.97 EPS estimate to $1.01, even though the company cut its revenue estimate a bit, Check Point kept its EPS estimate steady through 2002.

For 2003, the company sees $1.11 EPS on $502 million revenue. Raker views the second quarter as solid performance in a difficult environment. However, Check Point continues to struggle with the sustainability of its operating model. He notes operating margin was 59% in the second quarter; he thinks operating margin above 55% is not sustainable.

Raker maintains his hold rating until he sees evidence that Check Point's competitive share loss has stabilized. He thinks the stock's risk/reward is fairly balanced.

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