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Fly News Breaks for May 27, 2016
SPLK
May 27, 2016 | 06:49 EDT
Citi analyst Walter Pritchard raised his price target for Splunk to $62 from $53 saying the company's "very strong" license growth in Q1 was disguised by higher ratable mix. Splunk Cloud, which is ratable, accelerated and large deals were strong, both contributing to higher ratable, Pritchard tells investors in a research note. The analyst continues to believe the market does not understand impact of escalating ratable impact at Splunk. He views the post-earnings selloff in Splunk shares as a buying opportunity and keeps a Buy rating on the name.
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