UPDATE: Bank of America Reiterates on Splunk Following Recent Industrial/Technology Convergence Conference

In a report published Thursday, Bank of America analyst Kash Rangan reiterated a Buy rating on

, and raised the price target from $90.00 to $94.00. In the report, Bank of America noted, “From the recent Industrial / Technology Convergence Conference, analyst Andrew Obin notes that a 1-2% efficiency gain from technology integration could yield $320-640bn in savings. SPLK was noted to have a low level of expertise in industrial applications but still has significant IoT technology. With increased conviction around a reacceleration of billings in CY14 coupled with Splunk's leading position in a still early-stage market could see it become the next Big Data platform. We raise our PO from $90 to $94 based on our venture capital valuation method assuming a 50% high-growth scenario and 50% hyper-growth scenario.” Splunk closed on Wednesday at $86.02.