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Evercore downgrades Splunk to 'in line' on pending acquisition

Published Oct 09, 2023 10:16
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Evercore ISI cut Splunk Inc (NASDAQ:SPLK) to an In-Line rating (From Outperform) while maintaining their 12-month price target of $157.00 on the stock to reflect the company’s pending acquisition by Cisco (NASDAQ:CSCO).

Cisco announced the plans to acquire the American software company in late September for $157 per share.

"We're excited to bring Cisco and Splunk together,” said Cisco CEO Chuck Robbins.

Upon close of the acquisition, Splunk President and CEO Gary Steele will join Cisco's Executive Leadership Team reporting to Chair and CEO Chuck Robbins.

The stock is currently trading about 6.5% below the acquisition price of $157 per share, which is equivalent to 6.3 times the EV/CY24 ARR, 7.0 times the EV/CY24 sales, and 27.2 times the EV/CY24 FCF.

Shares of SPLK are up 0.10% in early trading Monday.

Evercore downgrades Splunk to 'in line' on pending acquisition
 

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