Check Point's Recovery Delayed as Customer Deals Slip Into 2027, RBC Says

11:29 AM EST, 11/03/2026 (MT Newswires) -- Check Point Software Technologies (CHKP) faces a longer-than-expected recovery as customer deal delays and weaker product sales continue to pressure growth, RBC Capital Markets said Monday in a report. The cybersecurity company reported mixed Q3 results, with revenue, product revenue and billings missing expectations, the report said. RBC said product revenue was hurt by weaker firewall refresh activity and by roughly $20 million to $30 million of customer deals that were pushed into 2027. Management expects product revenue to decline again in Q4 before returning to growth in Q2 2027, while the benefits of earlier go-to-market changes are taking longer than anticipated to materialize, the report said. RBC said it expects Check Point will need multiple quarters to show sustained improvement and slow market-share losses. RBC said several faster-growing businesses remain bright spots, including email security, exposure-management and AI security offerings. Subscription revenue growth should improve in H1 2027, helped by easing headwinds, higher pricing and contributions from newer security offerings, the report said. RBC raised its price target on Check Point stock to $140 from $135 and maintained its sector-perform rating. Price: 139.53, Change: -1.97, Percent Change: -1.39