Splunk initiated with an Outperform at Wolfe Research

Wolfe Research analyst Joshua Tilton initiated coverage of Splunk with an Outperform rating and $90 price target. The company’s "cult like customer base is stickier than people realize" and competition fears are somewhat overdone, Tilton tells investors in a research note. The analyst thinks cybersecurity spending will remain resilient and that Splunk’s observability opportunity "has legs."