UPDATE: Citi Color On CHKP Target Increase

Citi, which raised its PT on shares of CheckPoint Software Technologies Ltd. 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.