Splunk price target raised to $110 from $105 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on Splunk to $110 from $105 and keeps an Outperform rating on the shares. The company’s Q3 results were "stable" with revenue and margin outperformance, though its management noted softness in cloud ARR as customers delay migrations due to near-term macro uncertainty, the analyst tells investors in a research note. Hedberg adds that the underlying demand for cloud remains strong, and he will watch for more details on a new CFO, with appreciation of the company’s "disciplined approach" to balancing growth and profitability.