Argus analyst Joseph Bonner kept his Buy rating and $135 price target on Splunk but raised his FY19 EPS target to $1.12 from $1.05 after its Q2 earnings beat and FY19 guidance raise. Bonner contends that Splunk offers a "strong technology base" in a fast-growing market, though much of its success will depend on executing the ramp in software sales and market share capture without sacrificing margins. The analyst also believes that Splunk is "exactly the kind of company that could become an acquisition target for a larger enterprise software firm".