UPDATE: Stifel Nicolaus Upgrades Check Point Software Technologies to Buy

Stifel Nicolaus is out with its report today on Check Point Software Technologies CHKP, upgrading CHKP from Hold to Buy. In its report, Stifel Nicolaus writes, "We are upgrading shares of Check Point to Buy from Hold and establishing a target price of $65, which represents an EV/FCF multiple of 15x and 13.5x our 2011 and 2012 FCF estimates respectively and 17x our stripped 2012 EPS estimate of $3.06 (excludes $0.19 of interest income contribution) plus $12.50 in cash per share. At the time of posting, shares of CHKP were trading at $54.07, up 1.46% from Thursday's close.