Elastic initiated with an Overweight at Morgan Stanley

Morgan Stanley analyst Sanjit Singh initiated coverage of Elastic (ESTC) with an Overweight rating and $130 price target The company’s core search end market is “poised to accelerate” as customers modernize search experiences and are early in bringing generative artificial intelliotence to their apps, the analyst tells investors in a research note. The firm says Elastic is well positioned to sustain share in this accelerating end market, supported by its strong customer checks and GitHub analysis.