William Blair analyst Bhavan Suri says the tone of Splunk's analyst day presentation yesterday was "decidedly positive." Management did a good job addressing key investor concerns, including competition around Elasticsearch, perceived premium pricing, the transition to ratable deals and the potential for near-term margin expansion, Suri tells investors in a research note. Investors likely left the event with increased confidence that underlying demand for Splunk's solutions remains "quite robust," Suri adds. The analyst keeps an Outperform rating on the stock.