UPDATE: Daiwa Securities Upgrades Splunk (SPLK) to Outperform (2)
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Daiwa Securities analyst Stephen Bersey upgraded Splunk (NASDAQ: SPLK) from Hold (3) to Outperform (2) with a price target of $140.00 (from $134.00).
The analyst comments "We are upgrading to an 2/Outperform rating, from 3/Neutral, for Splunk, and slightly increasing our 12-month Target Price (TP) to $140, from $134, following the company’s 4Q'22 earnings report on March 2, 2022. Our TP is based on a lowered P/S multiple of 6.0x, from our previous 8.0x, our FY’24 sales per share estimate of $23.29 and our TP and rating assume that the S&P 500 remains unchanged over the next 12 months. Following the announcement of its 4Q'22 operating results, we judge the quarter and guidance to have been neutral."
Shares of Splunk closed at $121.83 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
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