UPDATE: Bank of America Merrill Lynch Raises PO on Check Point Software Technologies to $59

Bank of America Merrill Lynch is out with its report today on Check Point Software Technologies CHKP, raising its PO from $55 to $59. In a note to clients, Bank of America Merrill Lynch writes, "CHKP is benefiting from adoption of its network security appliances and cross-sell opportunities of its software blade architecture. We reiterate our Neutral rating and are raising our PO to $59 (from $55) implying a premium to an average of C12E EV/FCF and EV/E vs. peer group (SYMC, VRSN, ORCL), justified in our opinion given CHKP's better growth profile." Shares of CHKP closed Thursday at $55.85, up 0.31% from Wednesday's close.