Teva leapfrogs Check Point as Israel’s most valuable company

Teva Pharmaceutical Industries Limited (New York Stock Exchange: Tifa; level: Tifa Once again the most valuable company in Israel. Tifa jumped Check Point Software Technologies Limited (Nasdaq: CHKP) on Wall Street after the cybersecurity company’s stock price fell due to missing third-quarter billing revenue and disappointing fourth-quarter guidance, which was below analysts’ expectations.

Yesterday Check Point’s share price fell 14.5%, wiping $3.3 billion off its market value – half the amount it has risen since the start of 2024. Check Point’s share price is currently down 0.88% at $176.37, giving it a market cap of $19.4 billion. .

Teva’s stock price is currently up 1.06% to $18.63, giving it a market cap of $21.1 billion. Teva’s share price has risen 78% since the beginning of the year as the pharmaceutical company returns to growth after five years of shrinking revenues.

A large portion of Check Point’s gains this year have come since July when it was announced that Team8 founder and former head of the IDF’s 8200 Intelligence Unit Nadav Zafrir would replace Gil Schwed as CEO in December. Check Point co-founder Schwed is stepping down after 30 years and will become CEO.

“We’ve heard good things about Nadav and are pleased that Jill is staying,” said Joseph Gallo, a Jefferies analyst. “Palo Alto Networks has grown faster than Check Point over the past decade, but now we’re seeing an acceleration in growth. Check Point is performing well.” “The right things and the market is waiting to see if the growth is sustainable.”

However, after Check Point’s results were published, Gallo lowered Check Point’s price target from $240 per share to $220, a premium of 23.7% to its current price, although he maintained his “buy” recommendation. “We remain encouraged by the company’s long-term trajectory even though investors are, justifiably, concerned about the short-term outlook,” he wrote.

Published by Globes, Israel Business News – en.globes.co.il – on October 30, 2024.

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