UPDATE: Daiwa Securities Upgrades Splunk (SPLK) to Outperform (2)

March 4, 2022 4:06 AM EST
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Price: $88.46 --0%

Rating Summary:
    38 Buy, 17 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 4 | Down: 12 | New: 10
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(Updated - March 4, 2022 4:19 AM EST)

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."

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 $121.83 yesterday.

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