UPDATE: Bank of America Initiates Coverage on Splunk

According to a research report published this morning, Bank of America has initiated Splunk SPLK with a Buy rating and $39 PO. In the report, Bank of America said, "We are initiating on Splunk, a provider of software technologies for managing and analyzing IT machine data, with a Buy and $39 PO. Splunk is the first public pure play on the Big Data trend which we have been articulating since 2010. Imagine the forensic approach of what a blood test can tell you about your health versus a physical exam. Similarly, machine data holds clues about the health of IT infrastructure. The potential for using machine data to identify and resolve IT infrastructure issues is untapped. Splunk is a leader in this emerging market." Splunk closed Friday at $31.36.