Barclays analyst Raimo Lenschow raised the firm’s price target on Splunk to $134 from $130 and keeps an Overweight rating on the shares post the Q2 report. Splunk posted a net new annual recurring revenue acceleration after competitors saw weakness, with strong upside on operating and free cash flow margins as well, the analyst tells investors in a research note. With poor investor sentiment and a low valuation, the shares should move meaningfully higher, says the firm.
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Read More on SPLK:
- Splunk Stock (NASDAQ:SPLK): Vertical Price Move May Just be the Beginning
- Splunk (NASDAQ: SPLK) Surges after Strong Q2 Performance and Upbeat FY24 Outlook
- Splunk raises FY24 revenue view to $3.925B-$3.95B from $3.9B, consensus $3.9B
- Splunk sees Q3 revenue $1.02B-$1.035B, consensus $981.34M
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