Piper Sandler analyst Rob Owens lowered the firm’s price target on Splunk to $105 from $120 and keeps an Overweight rating on the shares. The company’s Q3 results came in above expectations across the top and bottom line as it saw strong demand despite the macro environment, Owens tells investors in a research note. However, cloud migrations continued to be pushed out by large customers, driving weaker than expected cloud results, says the analyst.
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Published first on TheFly
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