Mizuho Securities Starts Splunk (SPLK) at Neutral
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Mizuho Securities initiates coverage on Splunk (NASDAQ: SPLK) with a Neutral rating and a price target of $60.00.
Analyst Abhey Lamba commented, "We initiate coverage of Splunk with a Neutral rating and $60 PT. We favor the story and believe the company can capitalize on a differentiated product, strong customer momentum and ample runway for growth given the large market opportunity. However, given the model transition, we see risk to the n-t license revenue trajectory as well as profitability gains as management aggressively invests for growth. We view the stock as fully valued at current levels and see little support from a valuation standpoint."
Shares of Splunk closed at $58.37 yesterday.
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