Splunk (SPLK) Buy Rating Reiterated at Cantor Fitzgerald (Earlier)

Cantor Fitzgerald reiterated a Buy rating on Splunk (NASDAQ: SPLK) with a price target of $115.00. Analyst Brian J. White commented on recent management changes and the broad decline in tech stocks.

"The change in sentiment around faster growing, emerging tech names such as Splunk in recent weeks has been swift and relentless; however, we believe it is time for investors to separate the wheat from the chaff and not treat all of these companies the same. In our view, Splunk is one of these special companies with a strong position in the Big Data trend, and the stock is down 52% from its intra-day peak in late February," said White.

"As part of this morning's release, Splunk indicated the company delivered a strong 1Q:FY15; however, further details were not provided. Given the change in SVP Field Operations, we believe this announcement by itself could have caused concern amongst investors, and thus we believe Splunk felt compelled to provide some qualitative color around 1Q:FY15 trends. Recall, Splunk's 1Q:FY15 outlook calls for revenue of $78-80 million (FactSet Consensus is at $80.3 million) and FY:15 revenue of $400 million (Consensus is at $407 million), both of which we believe are conservative. For 1Q:FY15, we are projecting $79.6 million in revenue and sales of $402.1 million (up 33% YoY) for FY:15," he added.

For an analyst ratings summary and ratings history on Splunk click here. For more ratings news on Splunk click here.

Shares of Splunk closed at $51.75 yesterday.

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