Wedbush Raises Price Target on Splunk (SPLK) to $70 Ahead of 2Q Report
- Top 10 News for 10/24 - 10/28: AT&T (T), Time Warner Make it Official; Margins Hamper Apple's Q4; Mergers Aplenty
- Wall St. falls as FBI to review more Clinton emails
- Clinton email problem resurfaces as FBI announces review
- ExxonMobil (XOM) Tops Q3 EPS by 5c; CapEx Light of Views
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Wedbush reiterated an Outperform rating on Splunk (NASDAQ: SPLK), and raised the price target to $70.00 (from $60.00), ahead of the company's 2Q earnings release. SPLK will report earnings on Thursday, August 25th AMC, followed by a conference call at 3:30 pm. Revenue estimates of $210M are $10M above consensus and the high end of guidance. The EPS estimate of $0.04 is a penny above consensus.
Analyst Steve Koenig commented, "SPLK looks poised for another year of solid beats and revenue guidance increases, as supported by our reseller conversations this week. While the magnitude of the potential outperformance looks similar to last year, investors should expect that SPLK’s license revenue will start to decelerate into the 30% range this year (and the 20% range later next year), a result of SPLK’s larger size and the growth of Splunk Cloud, along with growing ratable revenue recognition. We think SPLK shares can continue to outperform if management provides clarity on this transition in a proactive fashion, which we expect it may do as early as the 2Q call next week, and maintains SPLK’s strong cash flow profile."
Shares of Splunk closed at $63.83 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Oppenheimer Raises Price Target on Wex, Inc. (WEX) Following 3Q Report
- Amazon (AMZN) PT Raised to $1250 at Susquehanna
- Leerink Partners Cuts Price Target on Conmed (CNMD) to $43; Reiterates Market Perform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!