UPDATE: Wedbush Initiates Splunk at Outperform on Expanding Footprint

In a report published Wednesday, Wedbush analyst Steve Koenig initiated coverage on Splunk SPLK with an Outperform rating and $52.00 price target.

In the report, Wedbush noted, “We are initiating coverage of SPLK with an OUTPERFORM rating and a 12-month price target of $52. SPLK is pioneering the use of machine-generated data to create actionable intelligence across a broad range of applications. The key to SPLK's differentiation is its ability to correlate and combine data from logs, customer activity on websites, and structured business data. As customers apply SPLK to more data and new classes of problems, SPLK is expanding its footprint in several large addressable markets, including the $19B IT operations management market, the $5B SIEM market, and the $13B business analytics market.”

Splunk closed on Tuesday at $43.95.