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Fly News Breaks for March 5, 2020
Mar 5, 2020 | 05:04 EDT
Stifel analyst Brad Reback raised the firm's price target on Splunk to $160 from $150 and keeps a Buy rating on the shares. The company last night posted a "solid" Q4 but shares fell after-hours as its fiscal 2021 guidance came in significantly below consensus expectations given the accelerating mix of the company's cloud business, Reback tells investors in a research note. The analyst says that while the transition will weigh on the financial model in fiscal 2021, Splunk's revenue growth and profitability are expected to "snap-back" in the following year. He continues to believe the cloud transition is the right long-term strategic decision.
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