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Morgan Stanley downgrades Splunk, says near-term issues overshadow strong growth

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Doug Merritt, CEO, Splunk

Scott Mlyn | CNBC

Near-term headwinds will keep an anchor on Splunk‘s share price even as its revenue growth suggests the software company deserves a higher valuation, according to Morgan Stanley.

Analyst Keith Weiss downgraded the stock to equal weight from overweight on Tuesday, saying that Splunk faced several issues including competition and struggles to add large new customers in a hybrid-commuting world.

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