UPDATE: Credit Suisse Initiates Outperform, PT of $40 on Splunk; Big Fast Data

Credit Suisse initiates its coverage on Splunk

as the company is in the middle of the big data growth in the next decade. Price target is set at $40. Credit Suisse notes, "Although IDC estimates that the amount of data managed by enterprises will grow by a factor of 50 over the next decade,1 95% of this data is multistructured in nature and is increasing at an exponential rate that far outpaces the growth of structured data.2 These large, untapped datasets define a new category of information known as Big Data.3. …We believe that Splunk's disruptive technology, the massive market opportunity, and the early-stage adoption of Big Data technologies could produce significant, sustained revenue growth." SPLK closed at $31.35 on Friday.