Analyst Note
| Malik Ahmed Khan |We are maintaining our $175 fair value estimate for narrow-moat Splunk as the firm kicked off fiscal 2023 with financial results above our estimates due to strength in the cloud transition. Our bullish thesis is underscored by our belief that Splunk will continue to benefit from secular tailwinds across its end-markets and that the firm’s sticky product portfolio and entrenchment in its clients’ systems will allow it to deliver shareholder value.