Wedbush Raises Splunk Price Target On The Back Of Higher Estimates
Wedbush analyst Steven Koenig reiterated an Outperform rating on Splunk (NASDAQ:SPLK) and slightly raised his price target to $78 (from $74), as the company beat the top end of revenue guidance by $9M and raised its full year guidance by $12M – $15M, slightly ahead of Wedbush’s expectations and well ahead of consensus.
Koenig noted, “SPLK’s clean 3Q outperformance and guidance raise should help SPLK shares. In the very near-term, we think SPLK’s 60%+ advance from its early August lows could mean less upside potential, but we are bullish on 12-month share price potential as investors gain visibility into FY16 and see traction with cloud, enterprise security, partnerships, licensing models, deal sizes, and sales hiring.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Steven Koenig has a total average return of 13.5% and a 64.3% success rate. Koenig has a 17.6% average return when recommending SPLK, and is ranked #546 out of 3393 analysts.
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