Splunk price target lowered to $97 from $115 at Stifel

Stifel analyst Brad Reback lowered the firm’s price target on Splunk to $97 from $115 and keeps a Hold rating on the shares. Splunk outperformed top and bottom-line expectations in Q3, driven by better than anticipated term license performance and "a surprisingly strong uptick" in Cloud gross margin, even as Cloud results remain behind plan, said Reback. After "years of a laissez-faire management culture," he is encouraged Gary Steele "has the organization heading in the right direction," said Reback, who thinks the stock may "potentially become increasingly interesting for investors" as total ARR growth stabilizes in coming quarters.