Splunk (SPLK) PT Lowered to $205 at Goldman Sachs
- Wall Street kicks off second-half with losses on slowdown worries
- Goldman Sachs Warns Clients of More Equity Market Losses in Second Half of 2022
- Kohl's (KSS) Falls 15% After Ending Sale Talks With Franchise Group and Issuing Q2 Warning
- General Motors Warns It Has 95k Vehicles in Inventory Without Certain Components
- FAAMG Stocks Fall 32% on Average During 1st-Half of 2022
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Goldman Sachs analyst Kash Rangan lowered the price target on Splunk (NASDAQ: SPLK) to $205.00 (from $215.00) while maintaining a Buy rating following results.
The analyst commented, "With management guiding cloud to reach 50%+ of ARR mix in F23, and cloud mix of total software bookings inflecting to 68% in 3Q and guided to ~70% in 4Q vs 54% in 2Q, results validate our thesis that Splunk's Cloud business is ahead of multiple years of durable growth. Furthermore, results, coupled with strong F4Q22 and F23 guidance, give us conviction in our F24 estimates for ~$3bn of Cloud ARR and ~$700mn in FCF, roughly in-line with our prior model. We believe the next potential catalyst for the stock is the potential announcement of a new CEO, following which we expect long-term guidance."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- OMV AG (OMV:AV) (OMVKY) PT Raised to EUR61 at Jefferies
- Medmix AG (MEDX:SW) PT Lowered to CHF37 at UBS
- Equinor (EQNR:NO) (EQNR) PT Raised to NOK350 at Jefferies
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change
Related EntitiesGoldman Sachs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!