Splunk price target raised to $118 from $105 at Piper Sandler

Piper Sandler analyst Rob Owens raised the firm’s price target on Splunk to $118 from $105 and keeps an Overweight rating on the shares. The company’s Q4 results saw metrics largely come in above expectations, with a higher license mix continuing to drive upside, the analyst tells investors in a research note. However, cloud migrations continue to be pushed out given the uncertain environment, adds the firm. It says while Splunk’s fiscal 2024 growth guide was below expectations, a better than expected margin outlook alongside temporary headwinds to cloud warrants a continued positive stance.