Market Overview

UPDATE: Bank of America Reiterates on Splunk Following Recent Industrial/Technology Convergence Conference

Related SPLK
The Qualys Technology Alliance With Splunk Delivers Enhanced Security Data Analytics - Designed To Aid Enterprise Visuals And Protect IT From Cyber Attacks
Splunk Now 'Vital' To Security Intelligence Space, Pacific Crest Says
Qualys Streak Continues With Splunk, ServiceNow Deals (Investor's Business Daily)

In a report published Thursday, Bank of America analyst Kash Rangan reiterated a Buy rating on Splunk (NASDAQ: SPLK), and raised the price target from $90.00 to $94.00.

In the report, Bank of America noted, “From the recent Industrial / Technology Convergence Conference, analyst Andrew Obin notes that a 1-2% efficiency gain from technology integration could yield $320-640bn in savings. SPLK was noted to have a low level of expertise in industrial applications but still has significant IoT technology. With increased conviction around a reacceleration of billings in CY14 coupled with Splunk's leading position in a still early-stage market could see it become the next Big Data platform. We raise our PO from $90 to $94 based on our venture capital valuation method assuming a 50% high-growth scenario and 50% hyper-growth scenario.”

Splunk closed on Wednesday at $86.02.

Latest Ratings for SPLK

Sep 2015Canaccord GenuityMaintainsBuy
Aug 2015UBSMaintainsBuy
Aug 2015Summit ResearchDowngradesBuyHold

View More Analyst Ratings for SPLK
View the Latest Analyst Ratings

Posted-In: Bank of America Kash RanganAnalyst Color Price Target Analyst Ratings


Related Articles (SPLK)

View Comments and Join the Discussion!

Get Benzinga's Newsletters