Drexel Hamilton Reiterates Buy on Splunk (SPLK) Following 3Q Beat
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Drexel Hamilton reiterated a Buy rating and $90.00 price target on Splunk (NASDAQ: SPLK) following the company's 3Q earnings report. Splunk reported revenues of $244.8 million, ahead of the Street's $230.3 million estimate. EPS of $0.12 beat the Street at $0.08.
Analyst Brian White commented, "Overall, we were very pleased with Splunk's 3Q:FY17 results that we believe are indicative of a company that is very well-positioned to benefit from the Big Data wave in the coming years. Given upside across key metrics in 3Q:FY17, continued cloud momentum, new product innovations and the company's ability to adapt to the needs of its customers, we believe Splunk is very well-positioned going into FY:18."
Shares of Splunk closed at $57.38 yesterday.
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