Drexel Hamilton Maintains a 'Hold' on Splunk (SPLK); Some Sticking Points, But Not All Roses

August 31, 2012 8:11 AM EDT
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Price: $54.30 +1.88%

Rating Summary:
    34 Buy, 11 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Drexel Hamilton maintains a 'Hold' on Splunk (NASDAQ: SPLK) price target of $30.00 (from $27.00).

Analyst, James Gilman, said, "Yesterday after market close Splunk reported F2Q13 ahead of consensus estimates and guided F3Q13 and FY13 above prior estimates. Management provided additional operating metrics that indicated increasing customer adoption; however, we think current valuation offers little upside. Consequently, we maintain our Hold rating, but raise our price target due to an increasing our FTM revenue estimate."

Gilman lowers Q3 revenues estimates from $47.2M to $46.3M. For FY13, revenues lowered from $192.2M to $186.4M, EPS raised from (0.06) to (0.04)

For an analyst ratings summary and ratings history on Splunk click here. For more ratings news on Splunk click here.

Shares of Splunk closed at $30.50 yesterday.

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