Splunk (SPLK) PT Lowered to $160 at Cowen
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Cowen analyst Derrick Wood lowered the price target on Splunk (NASDAQ: SPLK) to $160.00 (from $175.00) while maintaining a Market Perform rating.
The analyst commented, "SPLK reported a good 4Q w/ ARR, revs & margins above Street aided by closing of some of the 3Q slipped deals. But 1Q rev guide was below Street, 1Q guide calls for negative net new ARR growth & mgmt did not provide FY22 guide given uncertainties. Cloud shift & evolving tech landscape seem to be weighing on strategy decisions by customers. At ~8x EV/CY22E Sales, maintain Market Perform. PT to $160."
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