UPDATE: Pacific Crest Raises PT on Splunk Following User Conference

In a report published Wednesday, Pacific Crest Securities analyst Brendan Barnicle reiterated an Outperform rating on Splunk SPLK, and raised the price target from $58.00 to $64.00. In the report, Pacific Crest Securities noted, “The developer enthusiasm for Splunk and its new features at the Splunk user conference yesterday was a sharp contrast to recent industry software events. Developers clearly plan to use more Splunk, which should drive faster long-term growth.” Splunk closed on Tuesday at $61.50.