Drexel Hamilton analyst Brian White weighed in on Splunk Inc (NASDAQ:SPLK) after attending the company’s Splunk Live! event in New York City.

The analyst believes that Splunk is “pulling ahead of its competition.” Customer use cases are expanding rapidly, and the ecosystem is thriving. The analyst also notes that the appetite for security use cases remains strong.

SPLK shares are flat year to date and down 44% from their February 2014 highs. White upholds that the stock will play catch-up in the second-half of the year.

The analyst reiterates a Buy rating for SPLK with a price target of $85.

According to TipRanks, Brian White is ranked #133 of 4,055 analysts. He maintains a success rate of 58% and an average return of 8.4%.