Topeka Capital Markets Reiterates Buy Rating, $38.25 PT on Splunk Ahead of 4QFY13 Results on Thursday

In a report published Monday, Topeka Capital Markets reiterated its Buy rating and $38.25 price target on Splunk

. Topeka Capital Markets noted, “Splunk is scheduled to report its 4QFY13 earnings results this Thursday 2/28 with a conference call at 4:30 PM EST. Despite a challenging IT spending environment, we believe Splunk is tapping into the strong secular trend of Big Data and can continue to enjoy strong growth prospects in FY14. We expect Splunk to exceed our revenue projection of $60.2 million (Street is at $60.1 million) and meet our EPS estimate of $0.02 (Street is also at $0.02). We expect Splunk to maintain its strong quarterly customer expansion of 300 to 400 new customer additions.” Splunk closed on Friday at $35.01.