In a report published Thursday, Stifel analyst Brad Reback initiated coverage on Splunk Inc SPLK with a Buy rating and $65.00 price target.
In the report, Stifel noted, “We are initiating coverage of Splunk Inc. (SPLK) with a Buy rating and 12-month target price of $65. Splunk offers a single, comprehensive, and integrated platform, whose unique collection, indexing, and search functionality provide the company's customers with the ability to derive valuable, actionable information from their machine-generated data.
"Capable of being deployed both on-premise and in a cloud-based environment, Splunk's products can be used across a wide range of industries. Looking ahead, we believe Splunk sits on the crux of three large and growing multi-billion dollar market opportunities: IT operations management, security information and event management (SIEM), and business intelligence, which Gartner estimates will collectively grow to a total market opportunity of $50.3B by 2018, and should enable the company to accelerate new customer additions, successfully cross/upsell into its installed base, and drive healthy double-digit revenue growth.”
Splunk Inc closed on Wednesday at $55.36.
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