- 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.