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Benzinga
Benzinga
Business
Anusuya Lahiri

Here's Why BTIG Is Bullish On Splunk

BTIG SPLK Splunk Inc
  • BTIG upgraded its rating on Splunk Inc (NASDAQ:SPLK) as recent channel checks were "improving," and the company was "turning a corner with its cloud product and observability platform."
  • Analyst Gray Powell raised his rating to Buy with a $155 price target, 33% higher than current levels, noting that the San Francisco-based software company has a "few dynamics" that could help move the stock higher with a higher trading multiple.
  • "Specifically, we like the accelerated mix shift to cloud," Powell noted.
  • Price Action: SPLK shares traded higher by 1.15% at $116.61 on the last check Monday.
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