Benzinga | Jan 24, 2022 01:52PM EST

Here's Why BTIG Is Bullish On Splunk

* 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.