UPDATE: Credit Suisse Reinstates Splunk at Outperform with $40 PT

Credit Suisse resumed its coverage on Splunk

with an Outperform rating and a price target of $50. Credit Suisse noted, "We believe that Splunk's disruptive technology, combined with the massive market opportunity and the early-stage adoption of Big Data technologies, position Splunk for significant, sustained revenue growth. Furthermore, we continue to view Splunk as well positioned to establish itself as a unified platform for real-time and batch data analysis, including a single UI for search, analysis, visualization, and the creation of custom reports and applications on top of both Splunk's core data engine as well as data in Hadoop, Cassandra, etc." Splunk closed at $29.16 on Monday.