UPDATE: Stifel Initiates Coverage On Splunk Inc On Unique Business Platform

In a report published Thursday, Stifel analyst Brad Reback initiated coverage on

with a Buy rating and $65.00 price target. In the report, Stifel noted, “We are initiating coverage of Splunk Inc. (SPLK) with a Buy rating and 12-month target price of $65. Splunk offers a single, comprehensive, and integrated platform, whose unique collection, indexing, and search functionality provide the company's customers with the ability to derive valuable, actionable information from their machine-generated data. "Capable of being deployed both on-premise and in a cloud-based environment, Splunk's products can be used across a wide range of industries. Looking ahead, we believe Splunk sits on the crux of three large and growing multi-billion dollar market opportunities: IT operations management, security information and event management (SIEM), and business intelligence, which Gartner estimates will collectively grow to a total market opportunity of $50.3B by 2018, and should enable the company to accelerate new customer additions, successfully cross/upsell into its installed base, and drive healthy double-digit revenue growth.” Splunk Inc closed on Wednesday at $55.36.