UPDATE: JP Morgan Raises PT to $45 on Splunk on FQ2 Beat and Raise

JP Morgan reiterated its Overweight rating on Splunk

and increased its price target from $40 to $45. JP Morgan commented, "SPLK easily exceeded F2Q expectations and raised guidance for the year by more than the beat. In addition, F3Q guidance was above consensus estimates. We believe these results only start to provide an indication of SPLK's position as a broad enterprise data platform that can be applied to many specific point problems – a unique offering, especially in the public markets." Splunk closed at $30.50 on Thursday.