Shares of Splunk Inc. /zigman2/quotes/203060494/composite SPLK -0.87% are up 2.4% in Monday morning trading after Morgan Stanley analyst Keith Weiss upgraded the stock to overweight from equal-weight while boosting his price target to $169 from $140. He cites "increasing clarity from a shift to a recurring revenue model" that in his view is likely to lead to more than 25% in annual-recurring-revenue growth. "Top-line growth is more durable than it appears," he wrote, as the company appears to have a more competitive product portfolio and a smarter pricing model. Weiss also sees fiscal 2023 free-cash flow nearing $1 billion. Shares have increased 31% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.78% has gained 8%.