UPDATE: Topeka Capital Markets Raises PT on Splunk on Good Market Position

In a report published Wednesday, Topeka Capital Markets analyst Brian J. White reiterated a Buy rating on Splunk SPLK, and raised the price target from $53.00 to $62.00.

In the report, Topeka Capital Markets noted, “In our view, Splunk is in the right place at the right time as the Big Data buildout remains in the early stages of development and with great potential. We believe the combination of continued enthusiasm around the Big Data theme and Splunk's ability to deliver new, innovative software solutions, will provide investors with reason to bid the stock higher. As such, we are raising our 12-month price target to $62.00 from $53.00.”

Splunk closed on Tuesday at $49.92.