Morgan Stanley maintains an Equal-Weight rating on Splunk (NASDAQ:SPLK) and raises the price target from $121 to $140 saying that the revenue growth potential "may still be underappreciated in the stock."
Analyst Keith Weiss cites Splunk's "dominant position in security analytics" and an "expanding solution portfolio" plus revenue that's more durable and recurring than investors realize.
The rating stays at Equal-Weight as "growth rates and margin dynamics exiting recent transitions remain open questions."
Splunk shares are up 0.3% pre-market to $129.
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