Fly News Breaks for March 5, 2020
Mar 5, 2020 | 06:52 EDT
Splunk reported a solid overall fiscal Q4 but the company is targeting fiscal 2021 revenue growth of only 10%, well below the Street's +23% target, Mizuho analyst Gregg Moskowitz tells investors in a research note. The variance is due to an accelerated mix shift to cloud, and management also guided to a much stronger than expected annual recurring revenue of 40% through fiscal 2023, adds the analyst. He maintains that Splunk's value proposition remains significantly differentiated and that the company is well positioned to continue growing at a high rate. Moskowitz keeps a Buy rating on Splunk with a $175 price target.
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