Splunk price target raised to $120 from $110 at RBC Capital

RBC Capital raised the firm’s price target on Splunk to $120 from $110 and keeps an Outperform rating on the shares. The company’s Q4 results should be essentially in-line, while investor focus should fall on its FY24 cash flow, the analyst tells investors in a research note. The firm added that Splunk’s efficiency improvements should serve as longer-term benefit as macro conditions improve.