BMO Capital analyst Keith Bachman lowered his price target on Splunk to $157 to reflect "some uncertainty" around the company's growth rates and free cash flow penetration, even though its Q1 revenue growth accelerated to 36% from 35% in the prior quarter and its FY20 guidance was raised slightly. The analyst also keeps his Outperform rating on Splunk, saying the company has "multiple avenues" toward expansion of its total addressable market that include Security, Internet of Things, and Business Intelligence segments. Bachman further contends that the valuation on the stock is still "attractive" relative to the company's growth rate.