- Wells Fargo analyst Andrew Nowinski initiates coverage on Splunk Inc SPLK with an Overweight rating and a price target of $95.
- He believes Splunk has the best overall observability platform in the market. He also observed it as deeply entrenched with many large enterprise customers, enabling long-term durable growth and profitability.
- Splunk’s revenue growth is also starting to normalize, which should positively impact the valuation.
- The operating margin is also set to expand as revenue growth normalizes.
- Finally, he believes Splunk’s pricing model is still a lingering pain point. Still, channel partners seem to have increasing confidence in CEO Gary Steele and the changes he is making, which should ultimately positively impact revenue growth.
- Price Action: SPLK shares traded lower by 0.68% at $71.63 on the last check Tuesday.
- Photo Via Company
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