UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Splunk on Positive Outlook

In a report published Friday, Morgan Stanley analyst Keith Weiss reiterated an Overweight rating on

, and raised the price target from $66.00 to $82.00. In the report, Morgan Stanley noted, “The combo of accelerating billings growth (+50% vs. 48% last Q) and improving profitability drives greater confidence in a durable FCF story developing for SPLK. The FY16 outlook is conservative but we see plenty of room for numbers to move higher and the stock to move towards our new $82 PT.” Splunk closed on Thursday at $64.94.