Elastic price target raised to $120 from $100 at Guggenheim

Guggenheim analyst Howard Ma raised the firm’s price target on Elastic (ESTC) to $120 from $100 and keeps a Buy rating on the shares on raised estimates after Elastic “exceeded all key metrics” in fiscal Q2, guided Q3 above expectations, and raised full-year guidance by the aggregate Q2/Q3 upside. The Q2 outperformance was driven by broad-based improvement in consumption trends and closing most of the deals that slipped out of Q1, which bodes well for future consumption, the analyst tells investors.