Jefferies analyst Brent Thill raised the firm’s price target on Splunk to $190 from $150 and keeps a Buy rating on the shares following last night’s results. The stock in premarket trading is up 4% to $169.70. The analyst reiterates Splunk as his top mid-cap pick and encourages investors to look beyond profit and loss metrics to the company’s total annual recurring revenue growth of 52% year-over-year. This indicates the strategic value of the platform as Splunk expands to address a range of workloads, Thill tells investors in a research note. This is a “must own story” with 25%-plus growth at scale, says the analyst.