Needham & Company Starts Splunk (SPLK) at Buy, Riding "Big Data" Trend

Needham & Company initiates coverage on Splunk (NASDAQ: SPLK) with a Buy rating and $42 price target.

The analyst comments, "The "Big Data" trend is driving significant IT budget spending, and Splunk is one of the few pure-play companies to benefit from this important trend. Our growth thesis for Splunk has two major components: first, we believe the "data explosion" in enterprises will continue based on the proliferation of equipment producing "machine data" (log files, etc)."

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 $37.81 yesterday.

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