UPDATE: FBN Securities Initiates Splunk at Outperform on Growth Outlook

FBN Securities initiated its coverage on Splunk SPLK with an Outperform rating and a $45 price target. FBN Securities noted, "SPLK is a fast-growing leader in machine data management, a fast-growing (and emerging) segment. With an attractive business model (volume-based pricing) and a solution that offers real-time intelligence to machine data, SPLK is experiencing strong revenue growth overall (+71% Y/Y last quarter) as both new customer and international growth have been strong. Splunkbase, its vibrant third-party application developer community, is resulting in very strong positive network effects." Splunk closed at $35.93 on Wednesday.