Wedbush initiates Splunk with a Neutral and $86 price target

As previously reported, Wedbush analyst Taz Koujalgi initiated coverage of Splunk with a Neutral rating and $86 price target. Splunk has faced execution and demand challenges in recent quarters, and the analyst is concerned competitive challenges, and the potential disruption that recent management challenges could bring. The valuation appears compelling, but he would like to see some stability in execution after a few quarters of year-over-year decline in net new ARR.