Stifel analyst Brad Reback raised the firm’s price target on Elastic (ESTC) to $132 from $98 and keeps a Buy rating on the shares. Elastic posted “a rebound quarter” with greater than 3% top-line upside, driven by a recovery in the go-to-market that contributed to strong sales execution with multi-year commitments, as well as healthy consumption trends that were stronger in Elastic’s largest customers, the analyst tells investors. The firm believes the improving sales execution, strong consumption trends, the large/growing GenAI opportunity, and ongoing operational efficiency positions Elastic for relative out performance in coming-quarters, the analyst added.
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Read More on ESTC:
- Elastic price target raised to $120 from $100 at Guggenheim
- Elastic price target raised to $120 from $94 at BofA
- Elastic price target raised to $130 from $100 at Piper Sandler
- Elastic price target raised to $130 from $110 at Canaccord
- Elastic price target raised to $135 from $110 at Jefferies
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
