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Nov. 18, 2019, 11:37 a.m. EST

Splunk stock gains after Morgan Stanley turns bullish

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By Emily Bary

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%.

/zigman2/quotes/203060494/composite
US : U.S.: Nasdaq
$ 123.96
-1.09 -0.87%
Volume: 535,550
April 9, 2020 10:55a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$19.84 billion
Rev. per Employee
$563,441
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/zigman2/quotes/210599714/realtime
US : S&P US
2,799.03
+49.05 +1.78%
Volume: 1.29B
April 9, 2020 10:55a
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