Splunk upgraded to Overweight from Sector Weight at KeyBanc

KeyBanc analyst Michael Turits upgraded Splunk to Overweight from Sector Weight with a $130 price target. The analyst expects a "meaningful slowdown" of software spending growth in 2023. The firm is "increasingly selective on higher valuation growth stocks" with vendors and channel partners indicating "very low IT purchasing" in the first half of the year. It downgraded Datadog and upgraded Splunk. The analyst likes the latter’s position as the incumbent enterprise log/data management vendor.