Splunk price target raised to $122 from $110 at Barclays

Barclays analyst Raimo Lenschow raised the firm’s price target on Splunk to $122 from $110 and keeps an Overweight rating on the shares. The analyst believes "it will be tough to find exciting stories" in software for Q4 earnings. The stocks have rallied significantly while fundamentals are still deteriorating, the analyst tells investors in a research note. "We get the call that things might not be as bad as feared, or get better soon, but we are not sure that these earnings will be the catalyst for that," writes the firm.