Cisco Systems Inc. finally followed through on a long-rumored target Thursday when it announced it will acquire cybersecurity company Splunk Inc. for $28...
Cisco Systems Inc. finally followed through on a long-rumored target Thursday when it announced it will acquire cybersecurity company Splunk Inc. for $28 billion in cash, but it may want to close the deal soon.
Guggenheim analyst John DiFucci, who has a neutral rating on Splunk, said it would be best to get the deal closed as early as possible in 2024 because of accounting standards regarding subscription revenue. Citi Research analyst Atif Malik, who covers Cisco, said his neutral rating and $55 price target are unchanged as he waits for the deal to close.
“We view this as a fair multiple for this strategic asset, with now investors laser-focused on who is next,” Ives said. “We do not see any other bidders or regulatory issues blocking this deal.”
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