Splunk price target raised to $121 from $105 at BTIG

BTIG analyst Gray Powell raised the firm’s price target on Splunk to $121 from $105 and keeps a Buy rating on the shares ahead of its earnings as part of a broader research note in software. The analyst states that field checks with 15 partners, customers, and industry analysts were "mixed", but the tone of discussions had improved slightly from last quarter, even though one of its "fairly large partners" specifically called out weakening trends into 2023 and raised concerns on increasing competition. The firm is also adjusting his model with rolled over estimates, though it maintains its assumed enterprise value to expected recurring 2024 sales multiple of 5.5-times.