Splunk (SPLK) PT Lowered to $130 at Cowen
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Cowen analyst Derrick Wood lowered the price target on Splunk (NASDAQ: SPLK) to $130.00 (from $160.00) while maintaining a Market Perform rating.
The analyst commented, "Consistent w/ pre-announcement, SPLK reported 3Q ARR in-line w/ our ests while revs were slightly above. 4Q ARR guide was slightly below our ests while revs were significantly below. FY23 Cloud ARR guide was encouraging but the on-prem outlook was much weaker & we materially cut rev/margins. Still a messy model, a walk back of CF margins & a surprise CEO transition remain overhangs. PT to $130."
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