UPDATE: Citi Color On CHKP Target Increase

Citi, which raised its PT on shares of CheckPoint Software Technologies Ltd. (NASDAQ: CHKP), is providing some color on the stock.

“The company does not have a history of increasing annual guidance in Q1 and while we expect the low-end of range could creep higher, we'd expect a material increase after Q2 when the company has two quarters of the year under its belt,” Citi writes.

“We are raising estimates towards the high-end of guidance and laying out our upside and downside case for FY11-13 based on three key drivers: appliance growth rate, blade attach and non-blade annuity growth.”

CheckPoint Software closed Friday at $51.35.