KeyBanc analyst Michael Turits downgraded Splunk (SPLK) to Sector Weight from Overweight without a price target after the company agreed to be acquired by Cisco (CSCO) for $157 per share in cash. The firm believes a higher bid is unlikely, as there has been chatter of the potential sale of Splunk at least as far back as a reported Cisco bid in February 2022 and the “no solicitation” language in the 8K filing, the analyst tells investors in a research note.
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