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UBS Financial Upgrades Check Point Software

Check Point Software (CHKP) reported 32 cents second-quarter earnings per share, excluding charges. UBS Financial upgraded the stock to buy from neutral.

Analyst Jonathan Half says improved EPS was driven by higher revenues, lower operating expenses, and higher financial income. He sees upside adjustment to his low-end third-quarter estimates given the better than expected second-quarter revenue and EPS results. He says he can no longer ignore the company's solid operating performance.

While the company is entering a seasonal weak third quarter, he views the current share price as an attractive buying opportunity.

He raised his $24 price target to $26.60, or 20 times his $1.33 2006 EPS estimate.

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