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UPDATE: CLSA Upgrades Splunk

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Shares of Splunk (NASDAQ: SPLK) are down 6.4 percent to $66.50, despite being upgraded by CLSA from Underperform to Outperform.

Analyst Ed Maguire views the 38 percent drop from the February high as a strategic entry point in a “strategic name.” According to Maguire, the slide has nothing to do with Splunk's fundamentals.

In addition, the company's 2015 revenue growth forecasts are conservative, Maguire said. He said Splunk has an expansive market opportunity going forward, and long-term opportunity in the industrial Internet of Things.

Latest Ratings for SPLK

DateFirmActionFromTo
Jan 2017Wells FargoInitiates Coverage OnOutperform
Oct 2016Piper JaffrayInitiates Coverage OnOverweight
Oct 2016CitigroupMaintainsNeutral

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Posted-In: CLSA Ed MaguireAnalyst Color Analyst Ratings Movers Tech

 

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