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Splunk upgraded at Baird on cloud investments, momentum

Sep. 25, 2020 7:37 AM ETSplunk Inc. (SPLK) StockSPLKBy: Brandy Betz, SA News Editor
  • Citing the company's cloud momentum, Baird analyst Jonathan Ruykhaver assumes coverage on Splunk (NASDAQ:SPLK) with an upgrade from Neutral to Outperform and raises the price target from $220 to $240.
  • Ruykhaver: "We look at Splunk’s strong growth in ARR as indicative of strong underlying business fundamentals despite the model noise."
  • The analyst praises Splunk's cloud investments and sees continuing cloud momentum as well as continuing leadership in security.
  • Splunk shares are up 1% pre-market to $177.70.
  • Yesterday, Splunk named a new CMO, Chief Customer Officer, and CRO.

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