Argus analyst Joseph Bonner raised his price target on Splunk to $156 and kept his Buy rating, saying that in spite of its Q4 earnings beat and raised FY20 revenue outlook, the stock has fallen since reporting results last week. The analyst contends however that shares have "room to run" given Splunk's "strong revenue growth in a rapidly expanding big data analytics market." Bonner also sees the company as a potential acquisition target for a larger enterprise software firm, while raising his FY20 EPS forecast to $1.68 from $1.60 given its growth trends.