FBN Securities Reiterates Outperform Rating, $45 PT on Splunk
In a report published Friday, FBN Securities reiterated its Outperform rating and $45.00 price target on Splunk (NASDAQ: SPLK).
FBN Securities noted, “We reiterate our Outperform rating on SPLK. The company continues to post very strong growth (67% revenue growth, 55% billings growth) while expanding operating margins (guided to go to 3-4% this quarter from - 1.3% last quarter). We believe that the company is being very conservative with its guidance of $58-60M in revenue for FQ4 (implying Y/Y growth of 34-39% vs. Y/Y growth of 67% in FQ3) as the company just announced the general availability of Splunk Enterprise 5.0, which adds many Big Data features, on October 30 and the company tends to be conservative (e.g. it guided FQ3 revenue of $45-47M and with its $52M revenue figure it exceeded the midpoint of its guidance by 13%). We will be visiting with the senior management of SPLK as part of our Silicon Valley Bus Tour next week.”
Splunk closed on Thursday at $29.98.
Latest Ratings for SPLK
|Mar 2017||Bernstein||Initiates Coverage On||Outperform|
|Jan 2017||Argus Research||Initiates Coverage On||Hold|
|Jan 2017||Wells Fargo||Initiates Coverage On||Outperform|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.