BTIG raised the firm’s price target on Splunk to $137 from $128 and keeps a Buy rating on the shares. The company delivered better than expected Q2 results and also boosted its FY24 guidance, the analyst tells investors in a research note, adding that the firm was particularly pleased to see the improved mix of cloud in net new ARR and bookings. Splunk is “simply executing better” under the management of CEO Gary Steele, who has now been at the company for a little over 15 months, and looking forward, BTIG sees signs for further improvement in growth as go-to-market initiatives on the observability side of the business are gradually building momentum, the firm added.
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