Splunk price target raised to $130 from $125 at Needham

Needham analyst Mike Cikos raised the firm’s price target on Splunk to $130 from $125 and keeps a Buy rating on the shares. The company saw a “healthy” Q2 earnings beat, with leverage that was significantly strengthened by management stripping out costs, the analyst tells investors in a research note. Needham adds that it believes Splunk can drive additional efficiencies in the business, supporting its margins and free cash flow, while newer products and go-to-market initiatives take hold.