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Fly News Breaks for March 5, 2020
SPLK
Mar 5, 2020 | 08:12 EDT
RBC Capital analyst Matthew Hedberg raised the firm's price target on Splunk to $180 from $165 and keeps an Outperform rating on the shares. The analyst says the company's Q4 results were strong with upside to headline metrics and a bullish annualized reccuring revenue growth forecast of 40%, which was "much better than expected". Hedberg further commends Splunk management for a good job in "bridging the lower FY21 revenue/margins" due to a higher cloud-mix and maintains his bullish view on the company's compounding long-term cash flows.
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