William Blair analyst Bhavan Suri says his field word suggests Splunk's revenue in Q4 could top expectations by at least $5M. This could translate to modest upside on operating income and earnings, Suri tells investors in a pre-earnings research note. Talks with resellers, technology partners, industry consultants and customers suggest Splunk experienced "another quarter of healthy demand across deployment models and use-cases," Suri writes. He expects Splunk's revenue outlook for Q1 to modestly top the consensus of $241.7M. The analyst views the stock's risk/reward into the results on February 23 as favorable. Suri keeps an Outperform rating on the shares.