Splunk-Like: Adjective For Tech Company That Can Bull Through IT Budget Malaise (SPLK)

Needham & Company maintained a Buy rating on Splunk (NASDAQ: SPLK) but cut its price target to $36.00 (from $42.00). Yesterday Splunk reported Q3 EPS that topped views by 1 cent.

Commenting on the results, analyst Scott Zeller said, "The Oct. results for Splunk were strong, considering the recent SepQ earnings color in software and the continued negative macro environment for IT spending."

"We continue to favor shares of SPLK as a secular story in a difficult environment. The +60% y/y growth rate across all regions for Splunk underscores the secular nature of Big Data; in the current climate, we believe investors should focus on SPLK-like stories that can "bull" through an IT budget malaise," wrote Zeller.

Of note, Splunk is seen by some as an M&A target.

For an analyst ratings summary and ratings history on Splunk (NASDAQ: SPLK) click here. For more ratings news on Splunk click here.

Shares of Splunk closed at $29.98 yesterday.

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