UPDATE: Splunk (SPLK) PT Raised to $150 at Mizuho Securities

Mizuho Securities analyst Gregg Moskowitz raised the price target on Splunk (NASDAQ: SPLK) to $150.00 (from $135.00) while maintaining a Buy rating.

The analyst comments "Earlier today, SPLK disclosed a large $1B investment from well-regarded PE firm Silver Lake, in the form of convertible senior notes with a low interest rate. While this transaction in and of itself doesn’t solve SPLK’s challenges, this is a favorable deal for SPLK, and we commend the management team for structuring it. We also expect that all (or virtually all) of the $1B proceeds will be used towards share buyback over the near-to-medium term, and this arrangement could potentially lead to other strategic outcomes over the longer-term. We maintain our Neutral rating and raise our PT to $150 (was $135)."

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