Stifel analyst Brad Reback upgraded shares of Splunk Inc. to buy from hold on Friday, after the company reported better-than-expected results the prior afternoon. Shares are up 3.5% in Friday morning trading. “Net-net, we believe these last several quarters of results demonstrate that Splunk has successfully navigated through the worst of the financial headwinds associated with its business model transition, and therefore expect shares to see further multiple expansion over time as Splunk continues to drive healthy double-digit top-line growth with improving profitability and cash flow generation,” he wrote. Reback believes that Splunk’s latest numbers indicate that the company is on track to achieve its fiscal 2020 goals, which include having 20,000 customers. He raised his price target to $120 from $75, joining at least 21 other analysts in increasing the target, according to FactSet. Splunk shares are up 55% over the past 12 months, while the S&P 500 Index is up 11%.