Check Point Software Technologies Ltd. (Check Point) reported a strong set of results for 2Q 08. Overall performance surpassed our as well as market expectations. Top-line growth was at the higher end of Management guidance, driven by growth across both segments. Considering the company’s healthy performance in 2Q 08 performance, we do not anticipate a change in our current rating for the Check Point common stock. As we continue to anticipate a positive currency impact on the European stock over the next 6-24 months, we do not anticipate any change in our current rating on the European stock.

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