Splunk (SPLK) Upcoming Analyst Day Could Profide Some Relief - RBC

RBC Capital analyst Matthew Hedberg reiterated an Outperform rating and $70 price target on Splunk (NASDAQ: SPLK) saying they believe Splunk under-performed in 2016 on concerns of: 1) mixshift to cloud/ratable billings and implied growth pressure, 2) additional fears as management delayed providing FY/18 guidance until the 1/12 analyst day and 3) GM/OM pressure due to ratable revenue.

They feel these concerns are embedded in valuation and quite frankly overdone as the analyst day could provide some relief.

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 $56.17 yesterday.

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