UPDATE: Pacific Crest Securities Reiterates On Long-Term Growth Levers

In a report published Tuesday, Pacific Crest Securities analyst Brendan Barnicle reiterated an Outperform rating on

, but lowered the price target from $107.00 to $68.00. In the report, Pacific Crest Securities noted, “Splunk's patented algorithms gives it a strong competitive advantage that is enabling long-term growth of 30% to 40% because the company faces little competition. To maintain its leadership, the company is developing an application ecosystem. As customers adopt these applications, Splunk will assure continued data growth and high renewals. "In addition, Splunk is discovering new use cases, which is driving its total addressable market (TAM) beyond our initial expectation of $31.9 billion. As a result, we believe Splunk is well positioned to continue to outperform expectations and its peers.” Splunk closed on Friday at $45.99.