Splunk price target raised to $132 from $125 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on Splunk to $132 from $125 and keeps an Outperform rating on the shares. The company’s Q2 results were “solid” with profitable growth as annual recurring revenue rose 16%, while the management also raised its FY24 outlook for all metrics, the analyst tells investors in a research note. Macro backdrop aside, the broader value proposition of combining security and observability continues to resonate due in part to the ROI proposition of consolidating disparate solutions onto a platform, RBC added.